Colombia's Telefonica Brings Challenging Loan

Colombia's Telefonica Brings Challenging Loan

Bonds Structured Finance

Amid the stormiest conditions of the year for LatAm borrowers, the Colombian arm of Spain's Telefonica has launched an A/B loan worth $600m. The IDB and four other bookrunners – Citi, BNP, ABN AMRO and Santander – are syndicating out a $475m 5-year amortizing loan paying 125bp over Libor out of the box, based on a leverage grid, say bankers familiar with the terms. Pricing moves on a leverage grid between 4.0x, where it pays 150bp over Libor, and under 2.5x, where it pays 75bp over Libor. Curren

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