By Devika Patel
Knoxville, Tenn., May 24 – Vodafone Group plc (Baa1/BBB+/BBB+) offered further details about an $11.5 billion sale of senior notes that priced in six tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
Vodafone sold $1 billion of floating-rate notes due Jan. 16, 2024 at Libor plus 99 basis points. These notes priced at par.
The $2 billion tranche of 3.75% short six-year notes priced at a spread of Treasuries plus 110 bps. These notes priced at 99.153.
The company sold $1.5 billion of 4.125% seven-year notes at a spread of 135 bps over Treasuries. These notes priced at 99.029.
Vodafone priced $3 billion of 4.375% 10-year notes with a Treasuries plus 155 bps spread. These notes priced at 98.701.
In the 20-year tranche, the company sold $1 billion of 5% notes at a spread of 200 bps over Treasuries. These notes priced at 98.104.
Also, Vodafone priced $3 billion of 5.25% 30-year notes at a 215 bps over Treasuries spread. These notes priced at 99.208.
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
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| Bookrunners: | Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc. and RBC Capital Markets LLC
|
| Trade date: | May 23
|
| Settlement date: | May 30
|
| 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
|
| Price: | Par
|
| Call: | Non-callable
|
|
|
| Six-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 16, 2024
|
| Coupon: | 3.75%
|
| Price: | 99.153
|
| Spread: | Treasuries plus 110 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 20 bps and a par call
|
|
|
| Seven-year notes
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| Amount: | $1.5 billion
|
| Maturity: | May 30, 2025
|
| Coupon: | 4.125%
|
| Price: | 99.029
|
| Spread: | Treasuries plus 135 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 20 bps and a par call
|
|
|
| 10-year notes
|
| Amount: | $3 billion
|
| Maturity: | May 30, 2028
|
| Coupon: | 4.375%
|
| Price: | 98.701
|
| Spread: | Treasuries plus 155 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 25 bps and a par call
|
|
|
| 20-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 30, 2038
|
| Coupon: | 5%
|
| Price: | 98.104
|
| Spread: | Treasuries plus 200 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 30 bps and a par call
|
|
|
| 30-year notes
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| Amount: | $3 billion
|
| Maturity: | May 30, 2048
|
| Coupon: | 5.25%
|
| Price: | 99.208
|
| Spread: | Treasuries plus 215 bps
|
| Call: | The greater of a make-whole call at Treasuries plus 35 bps and a par call
|
|
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