Telefonica Trying To Raise Funds To Pay Debts
November 25th, 2009 - Chris MarshallDespite making easy profits it appears that Telefonica need to raise some cash to refinance debts that mature in 2010 …. that will be them and about half the world then!
Yesterday Telefonica placed bonds worth 720€m into the market:
The debt made yesterday placed within 13 years, thereby “improving the maturity profile, half-life lengthens and increases the level of liquidity,” the average maturity of the debt which Telefónica is on average 5.57 years.
In total, Telefónica has issued more than 7,000 million euros so far this year, ranking next to Iberdrola, with 4,500 million euros, as the largest issuer in the corporate level Spanish.
The issue was over subscribed by double the amount of bonds, so the price was droped of the issue price.
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