Overview

• The reopening adds US$200 million to Class 24 bonds, bringing total outstanding under Telecom’s CNV-approved US$3 billion program to US$1 billion.
• Strong order books allowed Telecom to cut the coupon from 9.50% to 8.80% over a two-month period, benefiting from improving macroeconomic conditions.
• The deal is the only Latin American high-yield corporate issuance in 2025 placed above secondary market levels and records the largest yield compression for a regional issuer this year.
• Global coordinators BBVA, Citigroup, Deutsche Bank Securities, J.P. Morgan and Santander led the placement, supported by local bookrunners Banco Santander Argentina, ICBC Argentina, Macro Securities, Balanz Capital and Latin Securities.
• Proceeds are earmarked for the acquisition of Telefónica Móviles de Argentina SA, which retains suspensive court approval as it awaits regulatory review.