Uría Menéndez, praised by the China Business Law Journal for its involvement in the “Banking and Finance deal of the year”

In its Deals of the Year report, the Asian journal commends the work of the firm as legal adviser of CDB and ICBC in the USD 1.2 billion financing of Telefónica, S.A.

March 8, 2013

Uría Menéndez has been praised for its involvement in one of the deals of the year included in the special report published in the December/January issue of the China Business Law Journal (CBLJ). It particularly commends its role as adviser of the China Development Bank Corporation (CDB) and the Industrial and Commercial Bank of China (ICBC) in the USD 1.2 billion financing of Telefónica, S.A.

This transaction is the second tranche of the first publicly announced vendor financing granted to a Spanish company by CDB closed in January this year and consolidates a new trend of Chinese-Spanish business cooperation. Amounting to USD 1,200 million, the new line more than triples the amount of the original financing and will be available for ten years for the purchase of telecommunication solutions and services by Telefónica worldwide.

The transaction was structured as a variable interest rate loan to Telefónica Europe, B.V., a private limited liability company incorporated in the Netherlands that is wholly owned by the borrower’s group and guaranteed by Telefónica, S.A.

A joint team led by White & Case with Uría Menéndez and De Brauw Blackstone Westbroek advised CDB and ICBC.

Uría Menéndez’s team was headed by partner Juan Martín Perrotto, who was assisted by senior associate Verónica Iezzi from the Beijing office and partner Rafael García Llaneza and associate David Lopez Pombo from the Madrid office. The group advised CDB and ICBC on Spanish financing, corporate and tax matters.