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Prospect News home > News index > List of issuers V > Headlines for Vodafone Group plc > News item
Published on 11/29/2022 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Vodafone launches tender offer for up to $2.3 billion of 2028 notes

By Marisa Wong

Los Angeles, Nov. 29 – Vodafone Group plc has begun an offer to purchase for cash up to $2.3 billion of its $3 billion outstanding 4.375% notes due May 2028 (Cusip: 92857WBK5), according to a press release.

The company is offering a total consideration of $1,000 per $1,000 principal amount.

The total consideration includes an early tender premium of $30 per $1,000 of notes tendered by the early tender time.

Holders tendering after the early tender time will only be eligible to receive the purchase price consideration of $970 per $1,000 principal amount.

In addition, the company will pay accrued interest to but excluding the applicable settlement date.

Tendered notes may be subject to proration if the offer cap is exceeded.

The early tender time is 11:59 p.m. ET on Dec. 12.

Early results are expected to be announced on Dec. 13.

The offer expires at 5 p.m. ET on Dec. 28.

Final results are expected to be announced on Dec. 29.

The tender offer is subject to a financing condition.

Vodafone announced on Tuesday plans to issue new sterling-denominated notes. Concurrently, indirect wholly owned subsidiary Vodafone International Financing DAC intends to issue new euro-denominated notes guaranteed by Vodafone.

Merrill Lynch International (888 292-0070, 980 387-3907 or +44 20 7996 5420; dg.lm-emea@bofa.com), NatWest Markets Securities Inc. (800 231-5380, 203 897-6166 or +44 20 7678 5222; liabilitymanagement@natwestmarkets.com) and RBC Capital Markets, LLC (877 381-2099, 212 618-7843 or +44 20 7029 7063; liability.management@rbccm.com) are dealer managers for the tender offer.

D.F. King (+44 20 7920 9700, 212 269-5550 or 877 732-3614; vodafone@dfkingltd.com) is information and tender agent.

The telecommunications company is based in Berkshire, U.K.


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