By Andrea Heisinger
New York, Feb. 11 - Vodafone Group plc was in the market on Monday with a $6 billion sale of notes (A3/A-/A-) in five tranches, an informed source said.
A $700 million tranche of three-year floating-rate notes priced at par to yield Libor plus 38.5 basis points.
There was $900 million of 0.9% three-year notes sold at 99.888 to yield 0.938% with a spread of Treasuries plus 55 bps. Price talk was in the 60 bps area.
The tranche has a make-whole call at Treasuries plus 10 bps.
A $1.4 billion tranche of 1.5% five-year notes priced at 99.54 to yield 1.596% with a spread of 75 bps over Treasuries. There was guidance in the 80 bps area.
There is a make-whole call at Treasuries plus 12.5 bps.
The $1.6 billion of 2.95% 10-year notes sold at 99.537 to yield 3.004% with a spread of Treasuries plus 105 bps. Price talk was in the 110 bps area.
The tranche is callable at a make-whole amount of Treasuries plus 15 bps.
Finally, a $1.4 billion tranche of 4.375% 30-year bonds was sold at 4.453% with a spread of Treasuries plus 130 bps. There was price talk in the 130 bps to 135 bps range.
The bonds have a make-whole call at 20 bps over Treasuries.
Barclays, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Mitsubishi UFJ Securities (USA) Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
London-based telecommunications company Vodafone was last in the U.S. bond market with a $2 billion trade in two tranches on Sept. 19, 2012. That sale included a 1.25% five-year note priced at 62.5 bps over Treasuries and a 2.5% 10-year note sold at 87.5 bps over Treasuries.
| Issuer: | Vodafone Group plc
|
| Issue: | Notes
|
| Amount: | $6 billion
|
| Bookrunners: | Barclays, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Mitsubishi UFJ Securities (USA) Inc.
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| Three-year floaters
|
| Amount: | $700 million
|
| Maturity: | Feb. 19, 2016
|
| Coupon: | Libor plus 38.5 bps
|
| Price: | Par
|
| Yield: | Libor plus 38.5 bps
|
| Call: | Non-callable
|
|
|
| Three-year notes
|
| Amount: | $900 million
|
| Maturity: | Feb. 19, 2016
|
| Coupon: | 0.9%
|
| Price: | 99.888
|
| Yield: | 0.938%
|
| Spread: | Treasuries plus 55 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Price talk: | 60 bps area
|
|
|
| Five-year notes
|
| Amount: | $1.4 billion
|
| Maturity: | Feb. 19, 2018
|
| Coupon: | 1.5%
|
| Price: | 99.54
|
| Yield: | 1.596%
|
| Spread: | Treasuries plus 75 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps
|
| Price talk: | 80 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.6 billion
|
| Maturity: | Feb. 19, 2023
|
| Coupon: | 2.95%
|
| Price: | 99.537
|
| Yield: | 3.004%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Price talk: | 110 bps area
|
|
|
| 30-year bonds
|
| Amount: | $1.4 billion
|
| Maturity: | Feb. 19, 2043
|
| Coupon: | 4.375%
|
| Price: | 98.716
|
| Yield: | 4.453%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Price talk: | 130 bps to 135 bps
|
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