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Telefonica Secures $1.2 Billion Credit Facility from Chinese Banks
Published on:
Telefonica has announced the signing of a US$1.2 billion credit facility with China Development Bank and Industrial and Commercial Bank of China as Arrangers and Lenders while BBVA as Facility Agent.
The purpose of the facility is to serve for the purchasing of products and solutions by Telefonica group worldwide. Although not explicitly stated, it can be expected that the Chinese banks funding will be for purchases from Chinese vendors, such as Huawei and ZTE.
The facility was structured with Telefonica Europe as borrower and Telefonica as guarantor.
This new line is the second tranche of the first publicly announced vendor financing granted to Spanish company by CDB closed in January earlier this year. The facility is for a total tenor of 10 years.
Tags: [telefonica]
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