Telefonica has received a EUR 8 billion loan financing offer from 20 banks, to back its offer for Portugal Telecom’s stake in Brazilian operator Vivo, and refinance existing debt. Of the overall loan amount, Telefonica would use around EUR 5 billion to finance the EUR 7.15 billion bid for Vivo, Cinco Dias reports, citing unnamed sources. The remaining EUR 3 billion would be used to refinance Telefonica’s debt that matures in the short-term.