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BRIEF-Telefonica to subscribe to ColTel's capital increase to settle PARAPAT debt
August 30, 2017 / 6:36 AM / a month ago

BRIEF-Telefonica to subscribe to ColTel's capital increase to settle PARAPAT debt

Aug 30 (Reuters) - Telefonica SA:

* SAYS COLOMBIA TELECOMUNICACIONES (COLTEL) TO INCREASE CAPITAL BY ABOUT 1.37 BILLION EUROS TO PAY DEBT

* WILL PAY UP ABOUT 925 MILLION EUROS OF COLOMBIA TELECOMUNICACIONES OBLIGATION

* AFTER CAPITAL INCREASE, COLOMBIA TELECOMUNICACIONES OBLIGATIONS WITH PARAPAT WILL BE SETTLED FULLY

* COLTEL TO RUN SECOND CAPITAL INCREASE OF ABOUT 472 MILLION EUROS TO PAY ARBITRATION AWARD FROM COLOMBIAN ITC MINISTRY

* TELEFONICA AND GOVERNMENT TO SUBSCRIBE TO CAPITAL INCREASE PRO RATA TO THEIR RESPECTIVE SHAREHOLDING

* COLTEL TRANSACTIONS WILL NOT HAVE RELEVANT FINANCIAL IMPACT ON ACCOUNTS, TO INCREASE NET DEBT BY 40 MILLION EUROS Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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