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Telefonica SA To Buy Back Preference Shares-Reuters


Wednesday, 31 Oct 2012 02:02pm EDT 

Reuters reported that Telefonica SA offered to buy back preference shares worth approximately EUR 2 billion (USD 2.60 billion), as a part of a series of measures to reduce its EUR 58 billion debt. The Company will buy back the preference shares, a type of hybrid debt instrument, using 40% Treasury shares and 60% 2022 bonds with 4.185% coupon for the swap. If all preference share holders take up the offer, Telefonica SA will automatically shed EUR 1.2 billion of debt. Telefonica issued the preference shares, which were non-callable for 10 years, in December 2002. 

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29 Aug 2014