Telecommunications companies in Latin America are attracting capital through debt issuances and financing agreements with banks and private investors, driving new investments in digital infrastructure, 5G mobile networks, and data centers.
Liberty Puerto Rico (Liberty Latin America) closed two new financing agreements this week for up to US$340 million (mn). In the first transaction, unrestricted subsidiaries of the company and the lenders under a previous revolving credit facility established a new senior secured US$140mn facility, maturing in September 2030. The facility replaces the 2027 RCF, which was due in March 2027 and has been repaid and cancelled.
In addition, Liberty Puerto Rico obtained US$200mn through an incremental secured senior term loan under the 2030 Facility, with a fixed annual rate of 12.0%. Of the total amount, US$150mn has already been disbursed and the remaining US$50mn will be available over the next 12 months.
The financing was granted by Helix Partners and Silver Point Capital.
“These new financing agreements, which follow the US$260mn guaranteed facility previously announced in September 2025, continue to demonstrate the value of the local assets and their ability to support Liberty Puerto Rico’s liquidity,” said Christopher Noyes, CFO of Liberty Latin America.
Moelis & Company LLC acted as financial advisor to Liberty Puerto Rico, while Latham & Watkins LLP and Ropes & Gray LLP served as legal advisors.
Last week, Telefónica placed a senior bond for €750mn (US$875mn) in a transaction that received bids for more than €2 billion (bn).
The investor base was highly diversified, with around 120 orders received and participation by international investors close to 90% of the total, the company reported in a statement.
Telefónica, which in Latin America has sold most of its operations, except Brazil and Venezuela, has secured financing this year of more than €3.500bn in several placements.
The company completed an issue of a green hybrid bond for €1.75bn, structured in two tranches of €900mn and €850mn; an issue of a senior bond for 170mn Swiss francs (US$217mn); and an issue of a green bond for €1bn.
Telefónica’s financing activity allowed the group to close March with a liquidity position of €17.739bn, while the average life of the company’s debt stood at 11.4 years.
The company did not disclose the entities that took part in the transaction.
Another company that has been successfully financing itself in the capital market is Personal (Telecom Argentina), which has a global negotiable securities issuance program underway for a total of up to US$4.200bn.
Last week, Personal raised US$61.7mn in the auction of simple negotiable obligations Class 29, maturing in 12 months, and Class 30, maturing in 48 months.
The Argentine company issued Class 29 negotiable obligations for US$26.5mn after receiving offers for US$31.8mn. In addition, it issued Class 30 negotiable obligations for US$35.2mn after receiving offers for US$36.6mn.
Banco Santander acted as organizer. Galicia, BBVA, Santander, ICBC, Macro Securities, Banco Mariva, Banco Hipotecario, Balanz, Allaria, Adcap, PPI, IEB and Latin Securities served as underwriters.
In January, Personal’s Class 27 issuance received offers totaling US$ 2.427bn, through 174 orders, which allowed a final amount of US$ 600mn to be awarded, recording demand 3.3 times higher than the amount issued.
The funds obtained will be used mainly for the active management of the debt profile, including the refinancing of existing liabilities, among them loans associated with the acquisition of Telefónica Móviles Argentina (TMA) and to continue with the investment plan.
The placement carried out in January had the participation of J.P. Morgan, BBVA, Santander, Citigroup and Deutsche Bank Securities as Global Coordinators and Joint Bookrunners abroad.
Also this year, Chilean company Mundo Pacífico issued international bonds for US$435 million, marking its debut in external markets and the return of Chilean high yield in 2026.
The firm placed unsecured sustainable senior bonds maturing in 2031 with a 7.95% coupon, in a transaction led together with DigitalBridge and with the participation of Goldman Sachs, Scotiabank, Santander and BTG Pactual.
According to the company, demand for the offering was more than twice the amount issued, which allowed it to be placed among nearly 50 institutional investors.
The main buyers were asset managers (54%) and hedge funds (39%), while the rest was split between private banking and high-net-worth investors.
In Panama, Tigo (Millicom) raised US$87.5mn through a private placement of senior notes from Banco General and will allocate the funds to potential investments and M&A operations, strengthening its expansion plans in Panama.
The transaction represents an increase over the original amount of US$75mn set on April 1 for this issuance. The notes have a 7.375% coupon and mature in 2032. Bank of America Securities acted as placement agent.
The Mexican company C3ntro, meanwhile, obtained a syndicated project financing granted by Proparco and DEG (KfW Group) to support the development of the Tikva long-distance network between Mexico and the United States. The US$35mn loan is part of a total financing package of US$70mn.
In Brazil, the digital infrastructure company V.tal approved the arrangement of a US$115mn loan with Citibank. The loan will have a two-year term and a cost of between CDI + 1.55% and CDI + 1.70%, subject to market conditions.
Previously, the company completed its third and final issue of simple non-convertible debentures for a total amount of 2.4bn reais (US$480mn).
(The original version of this content was written in Spanish)