Movistar Issues $500 Million USD In Bonds
Posted On July 30, 2020
Telefonica’s Colombian subsidiary Colombia Telecomunicaciones, operating under the Brand name Movistar, has raised $500 million USD in senior unsecured notes, the company has announced. $350 million of the placement proceeds will be used to replace senior unsecured notes issued on September 27, 2012
The $500 million issuance was oversubscribed by $3 billion USD, or 3.5 times the target raise. The 10 year bonds are rated BBB by Fitch Ratings and BB+ by Standard & Poors.
Elena Maestre, Director of Finance and Management Control of Telefónica Colombia, indicated that the resources obtained from this placement will allow the company to advance in its process of substitution of financial liabilities and improve its maturity profile.