Vodafone launches multi-currency tender offers for notes

LONDON - Vodafone Group (LON:VOD) Plc has initiated invitations to the holders of its outstanding notes to tender any and all of their notes for purchase by the company for cash, as per the details outlined in a tender offer memorandum dated February 5, 2025. The offers, which are made under certain terms and conditions, aim to proactively manage the company’s debt portfolio, particularly focusing on near-dated maturities.

The notes subject to the offers include various currencies such as Euros (EUR), British Pounds (GBP), Norwegian Kroner (NOK), Hong Kong Dollars (HKD), Swiss Francs (CHF), and Australian Dollars (AUD), with maturity dates ranging from September 2025 to December 2027. The purchase prices for these notes have been set at specific percentages of their principal amounts, with some determined by fixed spreads and reference rates that will be calculated on the pricing date, February 14, 2025.

Vodafone (NASDAQ:VOD)’s intention is to accept for purchase any and all notes that are validly tendered and reserves the right not to accept any tenders at its sole discretion. The notes purchased under the offers will be canceled. The offers began on February 5, 2025, and will expire at 4:00 p.m. London time on February 13, 2025, unless amended or terminated by the company.

In addition to the tender offers for the multi-currency notes, Vodafone has also launched concurrent USD tender offers for its outstanding 4.125% notes due May 2025 and 4.375% notes due May 2028. The terms of these concurrent offers are set forth in a separate offer to purchase and are not included in the tender offer memorandum for the multi-currency notes.

Noteholders who wish to participate in the offers must deliver a valid tender instruction by the expiration deadline. Details regarding the procedures for participating, including specific requirements for CHF notes and AUD notes held in Austraclear, are provided in the tender offer memorandum.

The offers are subject to restrictions in certain jurisdictions and are not being made to U.S. persons or within the United States. The distribution of the tender offer memorandum and related materials may also be restricted by law in other jurisdictions.

This news is based on a press release statement issued by Vodafone Group Plc and does not constitute financial or legal advice. Noteholders are advised to seek independent financial and legal advice to fully understand the implications of the tender offers.

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