By Andrea Heisinger
New York, Sept. 19 -Vodafone Group plc priced a $2 billion offering of notes (A3/A-/A-) in two tranches on Wednesday, an informed source said.
The trade included $1 billion of 1.25% five-year notes sold at 99.691 to yield 1.314% with a spread of 62.5 basis points over Treasuries. The notes were priced tighter than talk in the 72.5 bps area, plus or minus 2.5 bps.
There is a make-whole call at 10 bps over Treasuries on the five-year notes.
There was also $1 billion of 2.5% 10-year notes priced at 98.699 to yield 2.649% with a spread of 87.5 bps over Treasuries. The 10-year notes also sold tighter than guidance in the 100 bps area.
The notes feature a make-whole call at Treasuries plus 15 bps.
Bookrunners were Barclays, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.
Vodafone was last in the U.S. bond market with a $1 billion sale of 1.625% five-year notes priced at 80 bps over Treasuries on March 13, 2012.
The telecommunications company is based in London.
| Issuer: | Vodafone Group plc
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Bookrunners: | Barclays, Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Trade date: | Sept. 19
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 26, 2017
|
| Coupon: | 1.25%
|
| Price: | 99.691
|
| Yield: | 1.314%
|
| Spread: | Treasuries plus 62.5 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Price talk: | 72.5 bps area, plus or minus 2.5 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 26, 2022
|
| Coupon: | 2.5%
|
| Price: | 98.699
|
| Yield: | 2.649%
|
| Spread: | Treasuries plus 87.5 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Price talk: | 100 bps area
|
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