Telefonica launches €750 million green perpetual notes at 7 1/8%

By Paul A. Harris

Portland, Ore., Nov. 14 – Madrid-based telecom Telefonica, SA launched a €750 million offering of Telefonica Europe BV perpetual non-call six-year green notes at 7 1/8% on Monday, according to market sources.

The deal launched tight to talk in the 7¼% area. Initial guidance was 7 5/8% to 7¾%.

The offer was playing to €3.9 billion of orders, a source said.

Barclays, BNP Paribas, BofA and Citigroup are the stabilization managers.

Proceeds will be used to repay debt.

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