Clifford Chance

Clifford Chance advises on the refinancing of Telefónica's EUR 5.5 billion revolving facility

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. The syndicated financing is now linked to two key ESG performance indicators (social and environmental), with BNP Paribas acting as sustainability coordinator.

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 under sustainable criteria. This transaction is a milestone towards Telefónica's goal to exceed an aggregate of EUR 10 billion in ESG financing, including new green and sustainable bonds and bank financing.

The core Clifford Chance team was led by Epifanio Pérez, Ignacio Magariños and Gabriel Miranda.

Clifford Chance has a team that specialises in ESG standards and the legal advice on this deal reflects our team's commitment to shaping innovative financing structures of this type.