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Vodafone gets tenders for £222.9 million Cable & Wireless convertibles
By Angela McDaniels
Tacoma, Wash., July 27 - Vodafone Group plc subsidiary Vodafone Europe BV received tenders for £222.9 million, or 96.9%, of Cable & Wireless Worldwide plc's £230 million of 5.75% convertible bonds due 2014, according to a company filing with the London Stock Exchange.
The tender offer began May 21 and ended at noon ET on June 15. It was made in connection with Vodafone's April 23 agreement to acquire Cable & Wireless.
The purchase price is 108.363% of par plus accrued interest. It was set on July 27, the day the merger condition was satisfied, using the 5% U.K. Treasury Gilt due 2014 plus a spread of 190 basis points. The offer purchase yield is 1.995%.
The settlement date is expected to be Aug. 10.
The dealer managers are BNP Paribas (+44 0 20 7595 8668 or liability.management@bnpparibas.com) and UBS Ltd. (+44 0 20 7567 0525 or OL-Liability-Management@ubs.com). Lucid Issuer Services Ltd. (+44 0 20 7704 0880, attn: Paul Kamminga, or vodafone@lucid-is.com) is the offer agent.
Cable & Wireless and Vodafone are telecommunications companies based in London.
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