Clifford Chance Advises Banking Consortium In €2.68 BN Bond Buyback Of Deutsche Telekom

Deutsche Telekom HQ

International law firm Clifford Chance has advised Banco Santander, Barclays and NatWest Markets as dealer managers in connection with a tender offer directed to holders of notes issued by Deutsche Telekom AG and Deutsche Telekom International Finance B.V.

The offer was made regarding a total of twelve series of notes with a combined outstanding principal amount in excess €10 billion (equivalent) including two series of notes denominated in pound sterling and included fixed price and fixed spread options. All valid tender instructions were accepted and notes in an aggregate volume of €2.68 billion were repurchased.

The purpose of the tender offer was, amongst other things, to proactively manage the offerors' cost of carry and provide holders of the notes with the opportunity to sell their current holdings in the notes ahead of the maturity date. Notes purchased pursuant to the offer will be cancelled and will not be re-issued or re-sold.

The team was led by partner Sebastian Maerker and included senior associate Wolfgang Ettengruber and transaction lawyer Steffen Braun (all Capital Markets, Frankfurt/Main). Deutsche Telekom was advised by their inhouse team led by Christoph Appel and Jörn Biederbick.