By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Vodafone Group plc priced $1.2 billion of notes (Baa2/BBB/BBB) in two parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
A $700 million tranche of 5.625% 30-year notes priced at 99.583 to yield 5.654% and a spread of 195 basis points over Treasuries.
Vodafone sold $500 million of 5.75% 40-year notes at 99.164 to yield 5.804% and a Treasuries plus 210 bps spread.
BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used to fund a $2 billion capped tender offer for the company’s 5.25% notes due May 2048, 4.375% notes due February 2043 and 5% notes due May 2038. The company raised €500 million in a separate offer to potentially help with the tender offer.
The telecommunications company is based in London.
| Issuer: | Vodafone Group plc
|
| Amount: | $1.2 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Linklaters LLP
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP
|
| Trade date: | Feb. 7
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 30-year notes
|
| Amount: | $700 million
|
| Maturity: | Feb. 10, 2053
|
| Coupon: | 5.625%
|
| Price: | 99.583
|
| Yield: | 5.654%
|
| Spread: | Treasuries plus 195 bps
|
| Call feature: | Make-whole call at price equal to greater of par and Treasuries plus 30 bps until Aug. 10, 2052, then a par call
|
| Change-of-control put: | 101%
|
| Cusip: | 92857WBY5
|
|
|
| 40-year notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 10, 2063
|
| Coupon: | 5.75%
|
| Price: | 99.164
|
| Yield: | 5.804%
|
| Spread: | Treasuries plus 210 bps
|
| Call feature: | Make-whole call at price equal to greater of par and Treasuries plus 35 bps until Aug. 10, 2062, then a par call
|
| Change-of-control put: | 101%
|
| Cusip: | 92857WBZ2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
