Europe's second-largest telecoms company by valuation originally set an indicative price range of 5.25-6.50 euros per share for the offering. That guidance was narrowed twice during two weeks of bookbuilding, latterly to 5.50-5.60 euros. Telefonica, which must raise 7-8 billion euros a year through 2015 to cover debt repayments, is under pressure to pare 58 billion euros of debt in order to save its investment grade rating and avoid spiralling debt financing costs. The firm faces the prospect of a downgrade if its crisis-hit home market of Spain, rated just one notch about junk status by Moody's and Standard and Poor's, slips into non-investment territory. Telefonica sold some of its stake in China Unicom in June and its Atento call centre business to U.S. private equity firm Bain Capital for around 1 billion euros, including debt, earlier this month.