Telefónica instructs Davis Polk on $2bn notes offering

Davis Polk & Wardwell acted for Telefónica and Telefónica Emisiones on an SEC-registered $2 billion aggregate principal amount off-the-shelf notes offering by Telefónica Emisiones.

The offering was fully guaranteed by Telefónica.

It consisted of $750 million aggregate principal amount of 4.665% fixed-rate senior notes due 2038 and $1.25 billion aggregate principal amount of 4.895% fixed-rate senior notes due 2048.

The Davis Polk corporate team included Madrid-based partner Michael J. Willisch as well as lawyers from the firm’s London and New York offices.