Vodafone holds investor calls for offering of hybrid notes

By Cristal Cody

Tupelo, Miss., Sept. 24 – Vodafone Group plc (Baa1/BBB+/BBB+) is holding fixed income investor calls through Tuesday for a Regulation S multiple currency offering of hybrid notes (expected Baa3/BBB-/BBB-), according to a market source.

The investor calls began on Monday for the deal, which includes U.S. dollar-denominated notes, euro-denominated notes and pound-denominated notes.

BofA Merrill Lynch is the global coordinator.

Bookrunners on the dollar-denominated deal are BofA Merrill Lynch, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Standard Chartered Bank.

BofA Merrill Lynch, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and ING Financial Markets LLC are the bookrunners on the euro notes, while BofA Merrill Lynch, JPMorgan and RBC Capital Markets LLC are the lead managers on the pound sterling notes.

The dollar notes are non-callable for six years. The euro notes have a 10-year non-call period and the pound sterling notes are non-callable for seven years.

Vodaphone is a multinational telecommunications company based in London.

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