11 July – LAWFUEL – The Law News Network – Linklaters has advised AB…

11 July – LAWFUEL – The Law News Network – Linklaters has advised ABN Amro Bank N.V., Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander Central Hispano, S.A., Caja de Ahorros y Pensiones de Barcelona “La Caixa”, J.P. Morgan plc and The Royal Bank of Scotland plc as bookrunners, La Caixa as facility agent and a group of financial institutions as lenders of a EUR 6 billion Multicurrency Syndicated Revolving Credit Facility for Telefónica, S.A. The facility is to be used for its general corporate purposes, including the funding its purchase of Cesky Telecom and refinancing its short term debt obligations.

The transaction became public on 29 June 2005. Linklaters had acted for the bank syndicate and agent on a previous EUR 3 billion loan to Telefónica in 2004.

The Linklaters team provided advice as to both English and Spanish law issues and was led by finance partner Conrado Tenaglia, in Madrid . Other members of the team included Ben Crosse, Alejandro de Muns and Guy van der Westhuizen. Other advisers included Clifford Chance (English and Spanish legal adviser to Telefónica).

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.