China Development Bank Corporation (CDB) grants USD 375 million in financing to Telefónica, S.A.

April 1, 2012

De Brauw Blackstone Westbroek joined forces with White & Case and Uría Menéndez to advise China Development Bank Corporation (CDB) on its financing of Spanish multinational Telefónica, S.A.

The two major global players reached an innovative agreement in the first week of 2012 under which CDB, one of China’s biggest foreign currency lenders, granted USD 375 million in financing to telecommunications giant Telefónica, S.A., one of the world’s largest in terms of market capitalisation and number of customers (more than 300 million).


The transaction is the first publicly announced vendor financing granted to a Spanish company by CDB and represents a significant milestone in a new trend for Chinese-Spanish business cooperation. It was structured as a variable interest rate loan to Telefónica Europe, B.V., a Dutch incorporated BV wholly owned by the borrower’s group, and guaranteed by Telefónica, S.A. The financing was disbursed on 15 February 2012 and must be repaid in 2022.


De Brauw worked as part of an integrated team with Uría Menéndez on this project, providing combined advice to CDB and lead counsel White & Case.


Team: Berend Crans, Geert Potjewijd, Diederik Maessen, Henk van Ravenhorst​

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