Clifford Chance has advised a pool of c. 30 financial institutions led by Natwest as agent on the refinancing of Telefónica’s EUR 5.5 billion syndicated revolving facility.

This facility plays a crucial role in maintaining and enhancing Telefónica’s long-term liquidity. Additionally, this financing remains linked to sustainability targets, with BNP Paribas and CACIB acting as sustainability coordinators.

Consolidated as one of the leading global ESG telcos and a pioneer in sustainable financing, Telefónica has successfully completed the refinancing of its main syndicated facility, which was oversubscribed by more than 34%, significantly exceeding its nominal amount.

The core Clifford Chance team was led by Global Financial Markets partner Epifanio Pérez and senior associate Ignacio Magariños.