By Cristal Cody
Tupelo, Miss., May 23 – Vodafone Group plc (Baa1/BBB+/BBB+) priced $11.5 billion of senior notes in six tranches on Wednesday, according to a market source.
Vodafone sold $1 billion of floating-rate notes due Jan. 16, 2024 at Libor plus 99 basis points.
The $2 billion tranche of 3.75% short six-year notes priced at a spread of Treasuries plus 110 bps.
The company sold $1.5 billion of 4.125% seven-year notes at a spread of 135 bps over Treasuries.
Vodafone priced $3 billion of 4.375% 10-year notes with a Treasuries plus 155 bps spread.
In the 20-year tranche, the company sold $1 billion of 5% notes at a spread of 200 bps over Treasuries.
Also, Vodafone priced $3 billion of 5.25% 30-year notes at a 215 bps over Treasuries spread.
Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc. and RBC Capital Markets LLC were the bookrunners.
Proceeds will be used to finance a portion of the company’s acquisition of Liberty Global plc's operations in Germany, the Czech Republic, Hungary and Romania and for general corporate purposes.
Vodafone plans to acquire the European cable assets in a transaction valued at $23 billion.
The telecommunications company is based in London.
| Issuer: | Vodafone Group plc
|
| Amount: | $11.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc. and RBC Capital Markets LLC
|
| Trade date: | May 23
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Marketing: | Roadshow
|
|
|
| Six-year floaters
|
| Amount: | $1 billion
|
| Maturity: | Jan. 16, 2024
|
| Coupon: | Libor plus 99 bps
|
|
|
| Six-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 16, 2024
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 110 bps
|
|
|
| Seven-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | May 30, 2025
|
| Coupon: | 4.125%
|
| Spread: | Treasuries plus 135 bps
|
|
|
| 10-year notes
|
| Amount: | $3 billion
|
| Maturity: | May 30, 2028
|
| Coupon: | 4.375%
|
| Spread: | Treasuries plus 155 bps
|
|
|
| 20-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 30, 2038
|
| Coupon: | 5%
|
| Spread: | Treasuries plus 200 bps
|
|
|
| 30-year notes
|
| Amount: | $3 billion
|
| Maturity: | May 30, 2048
|
| Coupon: | 5.25%
|
| Spread: | Treasuries plus 215 bps
|
© 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.
