Davis Polk advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on an SEC-registered off-the-shelf notes offering by Telefónica Emisiones, S.A.U., fully guaranteed by Telefónica, S.A. The offering consisted of $1.25 billion aggregate principal amount of 5.250% fixed-rate senior notes due 2049.

Telefónica is a diversified telecommunications group that provides a comprehensive range of services through one of the world’s largest and most modern telecommunications networks. Telefónica is the leading provider of fixed-line telephone, wireless communications, internet access and data transmission services in Spain and in several Latin American markets.

The Davis Polk corporate team included partner Michael J. Willisch, counsel Ester del Valle Izquierdo and associate Paula Querol. Counsel Alon Gurfinkel and associates Omer Harel and Veronica Davis provided tax advice. Associate Jennifer Wang provided 1940 Act advice. Members of the Davis Polk team are located in the Madrid, London and New York offices.

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