Vodafone accepts all tendered 2038 and 2048 notes, none of 2043 notes

By Marisa Wong

Los Angeles, Feb. 14 – Vodafone Group plc announced the final results of its Feb. 7 concurrent but separate tender offers for three series of notes. The company had offered to buy a maximum tender acceptance amount across the three series of $2 billion.

As of the expiration of the tender offers at 5 p.m. ET on Feb. 13, holders had tendered the following:

• $1,560,101,000 of the $3 billion outstanding 5.25% notes due May 2048 (Cusip: 92857WBM1), all of which were accepted for purchase at $955.34 per $1,000 principal amount, calculated using the 3% U.S. Treasury due Aug. 15, 2052 and a fixed spread of 175 basis points;

• $544.234 million of the $1.4 billion outstanding 4.375% notes due February 2043 (Cusip: 92857WBD1), none of which were accepted. The purchase price would have been $863.97 per $1,000 principal amount, calculated using the 4% U.S. Treasury due Nov. 15, 2042 and a fixed spread of 155 bps; and

• $421.913 million of the $1 billion outstanding 5% notes due May 2038 (Cusip: 92857WBL3), all of which were accepted for purchase at $968.55 per $1,000 principal amount, calculated using the 4.125% U.S. Treasury due Nov. 15, 2032 and a fixed spread of 155 bps.

The company will also pay accrued interest to but excluding the settlement date.

Settlement is expected to occur on Feb. 15.

Tenders under guaranteed delivery procedures are expected to settle on Feb. 16.

The tender offers were subject to a new financing condition, which has been satisfied. Vodafone priced $700 million of 5.625% notes due February 2053 and $500 million of 5.75% notes due February 2063. Subsidiary Vodafone International Financing DAC sold €500 million of 4% notes due February 2043. All three deals closed on Feb. 10. Proceeds from the offerings are expected to fund the tender offers.

Merrill Lynch International (888 292-0070, 980 387-3907 or +44 20 7996 5420; dg.lm-emea@bofa.com) and Goldman Sachs & Co. LLC (800 828-3182, 212 902-6351 or +44 20 7774 4836; liabilitymanagement.eu@ny.email.gs.com) are dealer managers.

D.F. King (+44 20 7920 9700, 212 269-5550 or 800 605-1957; vodafone@dfkingltd.com) is information and tender agent.

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

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