MADRID Feb 18 Spain's Telefonica has
refinanced a 3 billion euro ($4 billion) syndicated loan with 26
creditor banks, a source with knowledge of the matter said on
Tuesday, in a move that could provide it with funds for possible
The new credit line matures in 2019 and is cheaper than
previous syndicated deals at 85 basis points above the Euribor
rate, the source said, priced at around 60 percent less than a
similar operation signed in 2013.
Telefonica, one of Europe's most heavily indebted telecoms
operators, declined to comment.
The telecoms giant is studying paying off up to another 2
billion euros of debt with proceeds from the sale of its Czech
business. It has sold a clutch of assets over the past two years
aimed at reducing debt and improving credit ratings.
($1 = 0.7272 euros)
(Reporting By Robert Hetz; Writing by Sonya Dowsett)