Entel $800 million senior notes offering and concurrent tender offer

Davis Polk advised the initial purchasers in connection with the Rule 144A / Regulation S offering by Empresa Nacional de Telecomunicaciones S.A. (“Entel”) of 3.05% senior notes due 2032 in the aggregate amount of $800 million and as dealer managers in connection with a concurrent cash tender offer by Entel for up to a combined aggregate principal amount of $800 million of its outstanding 4.875% senior notes due 2024 and 4.750% senior notes due 2026. The tender offer consideration was primarily funded from the net proceeds of the offering.

Entel is a leading, full-service provider of telecommunications and digital solutions in Chile and one of the fastest growing mobile telecommunications provider in Peru in terms of total subscribers. It offers a range of integrated telecommunications services including mobile services and fixed-line services, both targeted to the residential market (including broadband, voice, Internet protocol television (IPTV) and Over-the-Top television (OTT-TV) and the corporate and small and medium enterprise (SME) market (including integrated services of voice, data transmission and Internet, as well as IT and digital solutions), in addition to call center and other services.

The Davis Polk corporate team included partner Maurice Blanco, counsel Katia Brener and Alain Kuyumjian and associate Carlos Escandón. Partner Ethan R. Goldman and associate Eitan Ulmer provided U.S. tax advice. All members of the Davis Polk team are based in the New York office.