August 30, 2017 / 6:56 AM / a year ago

Telefonica's Colombian unit to raise 1.8 bln euros to repay debt, fine

MADRID, Aug 30 (Reuters) - Telefonica’s Colombian division plans to raise about 1.8 billion euros ($2.15 billion) in fresh capital to reduce debt and pay a fine linked to a local dispute, the Spanish telecoms company said on Wednesday.

Spanish parent Telefonica will subscribe to 1.2 billion euros of the capital raising by Colombia Telecomunicaciones, which is 67.5 percent-owned by Telefonica and 32.5 percent by the Colombian government. Telefonica added that the operation would have no material financial impact on the group.

The capital raising includes a 1.37 billion euro portion aimed at repaying debt Telefonica’s Colombian unit had with pension fund and asset manager PARAPAT. A further 472 million euros is earmarked for payment of a fine derived from a dispute with Colombia over local networks and infrastructure. ($1 = 0.8371 euros) (Reporting by Sarah White and Rodrigo de Miguel; Editing by David Goodman)

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