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Vodafone increases cash tender offers maximum amount to €2.5 billion

Published 02/07/2025, 09:34
Vodafone increases cash tender offers maximum amount to €2.5 billion
VOD
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LONDON - Vodafone Group (LON:VOD) Plc announced Wednesday an increase in the maximum tender amount for its cash tender offers for certain U.S. dollar and sterling denominated notes. The company has raised the cap from €2 billion to €2.5 billion equivalent, according to a press release statement.

The tender offers target seven series of outstanding notes with maturities ranging from 2043 to 2059. The notes include USD 4.25% Notes due 2050, USD 5.125% Notes due 2059, GBP 3.00% Notes due 2056, USD 4.875% Notes due 2049, GBP 3.375% Notes due 2049, USD 5.25% Notes due 2048, and USD 4.375% Notes due 2043.

Vodafone (NASDAQ:VOD) has established an acceptance priority level for each series, with the 2050 Notes having the highest priority and subject to a sub-cap of $750 million. The company will determine whether the maximum tender amount has been reached by converting applicable purchase prices into euros using the exchange rate described in the offer documents.

The tender offers will expire at 5:00 p.m., New York City time, on July 29, 2025, unless extended or terminated earlier. Holders who validly tender their notes by the early tender deadline of July 14, 2025, will receive the total consideration, which includes an early tender premium of $50 per $1,000 for dollar-denominated notes or £50 per £1,000 for sterling-denominated notes.

On June 30, 2025, Vodafone successfully priced £500 million Notes due 2050 and, through its subsidiary Vodafone International Financing DAC, priced €1.9 billion of euro-denominated notes with maturities ranging from 2029 to 2038. The company plans to use proceeds from these new notes, along with existing cash balances, to fund the tender offers.

Merrill Lynch International and Deutsche Bank (ETR:DBKGn) have been retained as dealer managers for the offers, with Kroll Issuer Services Limited serving as the tender and information agent.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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