Spanish multinational telecommunications company headquartered in Madrid providing fixed and mobile connectivity, broadband, and digital services across Europe and Latin America.
Telefónica launches cash tender offers for up to EUR 2.25B of hybrid notes
The offers run from 12 January 2026 to 19 January 2026, with settlement expected on 22 January 2026.
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Telefónica Europe B.V. launched tender offers for its EUR 1.0B 2026 Notes, EUR 500M 2027 Notes, and EUR 750M 2028 Notes, all guaranteed by Telefónica, S.A.
Fixed purchase prices are EUR 100,550 per EUR 100,000 for 2026 Notes and EUR 99,600 for 2027 Notes; 2028 Notes price will be set at pricing time with a 100 bps fixed spread.
Acceptance is subject to the New Financing Condition: Telefónica Emisiones plans to issue new hybrid notes, and the maximum acceptance amount will equal the new notes' principal.
The offers aim to proactively manage hybrid capital and give noteholders a chance to switch into new notes before upcoming call dates.
Telefónica Emisiones also priced EUR 850M of 8.25-year non-call deeply subordinated guaranteed fixed rate reset securities (2034 Securities) at 4.881% initial fixed rate.
Both tranches are perpetual, guaranteed on a subordinated basis by Telefónica, S.A., and intended to be issued as green bonds.
Interest is payable annually in arrears starting 19 April 2027, with reset rates based on swap rates plus margins that step up over time.
The securities are offered only to professional clients and eligible counterparties, and are expected to list on Euronext Dublin; closing is expected on or about 19 January 2026.
Telefónica agrees exit plans for ~5,500 employees and extends collective agreements to 2030.
Exit plans are estimated to affect around 5,500 employees, with adherence conditions to be set per plan.
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Telefónica España, Movistar Plus+, and Corporate Units reached agreements with trade unions on collective bargaining and exit plans.
The company will book a pre-tax provision of approximately €2.5 billion for exit costs (€2.3 billion for Telefónica España and Movistar Plus+, €200 million for Corporate Units).
Average annual direct cost savings are estimated at around €600 million from 2028 onward (€500 million in Telefónica España and Movistar Plus+, €60 million in Corporate Units).
Employee exits are expected to begin as early as Q1 2026, with positive cash generation impact from 2026.
Telefónica to voluntarily delist ADSs from NYSE and deregister with SEC
Telefónica announced its intention to voluntarily delist its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE), with no plan to list them on another U.S. exchange.
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Holders of ADSs will be able to exchange them for ordinary shares traded on the Spanish Stock Exchanges, or continue holding ADSs under a new Level 1 ADR Program for U.S. over-the-counter trading.
Telefónica and its subsidiary Telefónica Emisiones also intend to delist six series of guaranteed senior notes (due 2027, 2036, 2038, 2047, 2048, 2049) from the NYSE and apply to list them on Euronext Dublin.
The company plans to file Form 25s with the SEC in the coming weeks, with delisting expected to become effective ten days after submission, and will also seek to delist its ADSs from the Lima Stock Exchange.
Following delisting, Telefónica, Telefónica Emisiones, and Telefónica Europe intend to file Form 15F to deregister all U.S.-registered securities and terminate SEC reporting obligations, while ordinary shares remain listed in Spain.
The decision, driven by administrative burden and costs, aligns with the November 2025 Strategic Plan and is not expected to affect U.S. clients, partners, or commercial presence.
6-K
Telefónica provisionally awarded LaLiga broadcasting rights for five seasons for €2.64 billion
The award totals €2,635.85 million, averaging €527.17 million per season.
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Telefónica Audiovisual Digital was provisionally awarded exclusive pay-TV rights to five LaLiga matches per matchday in Spain for the 2027/28 through 2031/32 seasons.
Telefónica will have the first pick in 19 matchdays per season, including the second-round 'El Clásico' (Option D, Package D.1).
Movistar Plus+ customers will continue to access 100% of LaLiga matches, complementing European competitions Telefónica won through 2031.
The award is subject to final agreement with LaLiga within up to 30 working days from the provisional award.
Telefónica appoints two independent directors to board committees
Telefónica's Board of Directors, at its November 26, 2025 meeting, appointed César Mascaraque Alonso as a member of the Executive Commission and the Nominating, Compensation and Corporate Governance Committee.
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The Board also appointed Alejandro Reynal Ample as a member of the Audit and Control Committee.
Both appointments were made unanimously following a favorable report from the Nominating, Compensation and Corporate Governance Committee.
The appointments involve independent directors, as stated in the filing.