Vodafone eyes up to $1.25 billion 6.25% dollar tranche in notes sale

By Devika Patel

Knoxville, Tenn., Sept. 26 – Vodafone Group plc (Baa1/BBB+/BBB+) is expected to price a $1 billion to $1.25 billion 6.25% dollar-denominated tranche as part of a Regulation S multiple currency offering of hybrid notes (expected Baa3/BBB-/BBB-), according to a market source.

The books for the multi-currency offering are in excess of €9 billion equivalent, with $2.25 billion attributed to the dollar tranche.

The company held investor calls on Monday and Tuesday for the deal, which includes dollar-denominated notes, euro-denominated notes and pound-denominated 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.

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.

Vodafone is a multinational telecommunications company based in London.

© 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.