By Rebecca Melvin
New York, Nov. 19 – Vodafone Group plc priced £600 million of five-year equity-linked bonds at par with a 0% coupon and a 30% initial conversion premium, according to a news release.
Pricing of the Regulation S convertible came through the rich end of talk for the coupon, which was 0.4% to 1.2%, and at the talked 30% premium price point.
The share reference price will be based on the volume-weighted average price of ordinary shares over 10 trading days beginning Friday until Dec. 3.
The deal was priced together with the purchase of cash-settled call options on Vodafone’s ordinary shares from Morgan Stanley & Co. International plc or its affiliates. The bonds will be cash settled.
Proceeds are earmarked for general corporate purposes and for the purchase of the call options.
Vodafone plans to apply for the bonds to be admitted to trading on the Irish Stock Exchange's EEA Regulated Market or another recognized stock exchange.
Morgan Stanley & Co. International and HSBC Bank plc are joint bookrunners of the offering.
Vodafone is a London-based telecommunications company.
| Issuer: | Vodafone Group plc
|
| Issue: | Equity-linked bonds
|
| Amount: | £600 million
|
| Maturity: | 2020
|
| Bookrunners: | Morgan Stanley & Co. International plc, HSBC Bank plc
|
| Coupon: | 0%
|
| Conversion premium: | 30%
|
| Call options: | Yes
|
| Price talk: | 0.4% to 1.2%, up 30%
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 26
|
| Distribution: | Regulation S
|
| Stock symbol: | London: VOD
|
| Stock price: | £222.71 as of Nov. 19
|
| Stock reference price: | VWAP over 10 days beginning Nov. 20
|
| Market capitalization: | £59.54 billion
|
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