Vodafone Launches Tender Offers for Up to €1.5B Notes

TL;DR

Vodafone's buying back up to €1.5B in debt, tenders due July 23.

AI Summary

Vodafone Group Plc announced on June 25, 2024, that it has launched tender offers to purchase up to €1.5 billion aggregate principal amount of its outstanding notes. The offers include specific series of notes due in 2027, 2028, and 2029, with early participation deadlines set for July 9, 2024, and final expiration dates on July 23, 2024.

Why It Matters

This move indicates Vodafone is actively managing its debt structure, potentially refinancing at more favorable terms or reducing its overall debt burden.

Risk Assessment

Risk Level: medium — Tender offers can signal financial strain or a strategic debt management plan, requiring closer examination of the terms and Vodafone's financial health.

Key Numbers

• €1.5B — Aggregate Principal Amount (Maximum amount Vodafone aims to repurchase in its tender offers.)

Key Players & Entities

• Vodafone Group Plc (company) — Issuer of the tender offers
• €1.5 billion (dollar_amount) — Aggregate principal amount of notes to be purchased
• June 25, 2024 (date) — Date of the announcement and launch of tender offers
• July 9, 2024 (date) — Early participation deadline for the tender offers
• July 23, 2024 (date) — Final expiration date for the tender offers

FAQ

Key Financial Figures

• $1,500,000,000 — 025 (the "Any and All Notes"), of which $1,500,000,000 is outstanding; (ii) up to $440,000,000
• $440,000,000 — ,500,000,000 is outstanding; (ii) up to $440,000,000 aggregate principal amount of its 6.150
• $730,000,000 — 037 (the "2037 Notes"); and (iii) up to $730,000,000 aggregate principal amount of its 4.375
• $1,700,000,000 — bruary 2037 92857WAQ3/ US92857WAQ33 $1,700,000,000 $440,000,000 4.375% U.S. Treasury d
• $50 — reasury due May 15, 2034 FIT1 100 $50 4.375% Notes due February 2043 
• $1,400,000,000 — 2043  92857WBD1 / US92857WBD11 $1,400,000,000 $730,000,000 4.625% U.S. Treasury d
• $1,000 — t out above. (3)   For each $1,000 principal amount of Maximum Tender Offe

Filing Documents

• a7491t.htm (6-K) — 92KB
• 0001654954-24-008131.txt ( ) — 94KB

From the Filing

NOTES TENDER OFFERS LAUNCHED a7491t   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   Form 6-K   REPORT OF FOREIGN PRIVATE ISSUER   PURSUANT TO RULES 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934   Dated June 25, 2024   Commission File Number: 001-10086   VODAFONE GROUP PUBLIC LIMITED COMPANY (Translation of registrant’s name into English)     VODAFONE HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN, ENGLAND (Address of principal executive offices)   Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.   Form 20-F ✓ Form 40-F _         This Report on Form 6-K contains a Stock Exchange Announcement dated 25 June 2024 entitled ‘USD NOTES TENDER OFFERS LAUNCHED’.     NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL   THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018   VODAFONE GROUP PUBLIC LIMITED COMPANY LAUNCHES ANY AND ALL CASH TENDER OFFER AND MAXIMUM TENDER OFFERS FOR U.S. DOLLAR NOTES DUE 2025, 2037 AND 2043   (Newbury, Berkshire - England) - June 25, 2024 -   Vodafone Group Plc ("Vodafone" or the "Company") announces the launch of its offers to purchase for cash in three concurrent, but separate offers, (i) any and all of its outstanding 4.125% Notes due May 2025 (the "Any and All Notes"), of which $1,500,000,000 is outstanding; (ii) up to $440,000,000 aggregate principal amount of its 6.150% Notes due February 2037 (the "2037 Notes"); and (iii) up to $730,000,000 aggregate principal amount of its 4.375% Notes due February 2043 (the "2043 Notes", and together with the 2037 Notes, the "Maximum Tender Offer Notes", and together with the Any and All Notes, the "Notes") upon the terms of, and subject to the conditions in, the offer to purchase dated   June 25, 2024 (the "Offer to Purchase") and, in the case of the Any and All Notes only, the accompanying notice of guaranteed delivery (the "Notice of Guaranteed Delivery," together with the Offer to Purchase, the "Tender Offer Documents"), including the New Financing Condition (as defined below).   Each offer to purchase each series of Notes is referred to herein as an "Offer" and the offers to purchase the Notes as the "Offers." The offer to purchase the Any and All Notes is referred to herein as the "Any and All Tender Offer" and the offers to purchase the Maximum Tender Offer Notes are referred to herein as the "Maximum Tender Offers." Capitalised terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.   Holders are advised to read carefully the Tender Offer Documents for full details of, and information on the procedures for participating in, the Offers. All documentation relating to the Offers, including the Tender Offer Documents, together with any updates, are available at the following website: https://deals.is.kroll.com/vodafone-usd.   The following tables set forth certain terms of the Any and All Tender Offer and the Maximum Tender Offers, respectively:   Title of Security CUSIP / ISIN Outstanding Principal Amount Reference U.S. Treasury Security Bloomberg Reference Page (1) Fixed Spread (basis points) 4.125% Notes due May 2025 92857WBJ8 / US92857WBJ80 $1,500,000,000 4.25% U.S. Treasury due May 31, 2025 FIT3 10     Title of Security CUSIP / ISIN Outstanding Principal Amount   Series Tender Cap (2) Reference U.S. Treasury Security Bloomberg Reference Page (1) Fixed Spread (basis points) Early Tender Premium (3) 6.150% Notes due February 2037 92857WAQ3/ US92857WAQ33 $1,700,000,000 $440,000,000 4.375% U.S. Treasury due May 15, 2034 FIT1 100 $50 4.375% Notes due February 2043  92857WBD1 / US92857WBD11 $1,400,000,000 $730,000,000 4.625% U.S. Treasury due May 15, 2044 FIT1 80 $50   (1)   The page on Bloomberg from which the Dealer Managers will quote the bid-side price of the applicable Reference U.S. Treasury Security. (2)   The offers with respect to the Maximum Tender Offer Notes are subject to the applicable series tender cap set out in the table above (each, a "Series Tender Cap")   which is specified as an aggregate principal amount of the relevant series of Maximum Tender Offer Notes. Vodafone will purchase Maximum

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View this 6-K filing on SEC EDGAR