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(Alliance News) - Vodafone Group PLC on Tuesday said it has launched cash tender offers to purchase EUR2.01 billion of outstanding notes.
Vodafone will purchase the 4.625% senior secured notes due 2026, 3.50% senior secured notes due 2027, and 6.25% senior secured notes due 2029.
The telecoms firm will also purchase the outstanding 3.75% senior notes due 2027.
The early tender price for all of the notes is EUR30.00 and all have a negative 0.05% early tender yield.
The 4.625% notes have a EUR378.0 million outstanding principal amount. The expected tender offer consideration per EUR1,000 principal amount of noted tendered and accepted is EUR1,060 with an expected total consideration of EUR1,090.
The 3.50% notes' outstanding principal amount is EUR500.0 million and the expected tender offer consideration per EUR1,000 is EUR1,035 with an expected total consideration of EUR1,065.
For the 6.25% notes, the outstanding principal amount its EUR427.5 million and the expected tender offer consideration per EUR1,000 is EUR1.086 with the expected total consideration EUR1,116.
Finally, for the 3.75% notes, the outstanding principal amount its EUR700.0 million and the expected tender offer consideration per EUR1,000 is EUR1,040 with an expected total consideration of EUR1,070.
The firm is also seeking shareholder consent to amend the indentures governing the notes in order to "eliminate substantially all of the restrictive covenants and certain events of default under the indentures and terminate certain reporting requirements under the notes".
Vodafone acquired some of Liberty Global's operations in July 2019 and a change of control took place at that time. As such, Vodafone is required to offer to purchase the noted at their principal plus 1% plus any interest accrued or unpaid.
Vodafone noted the total consideration and tender offer consideration will be higher than the control price under the change of control offer, and that the change of control offer price is "a significant discount to the current trading price of the notes".
Shares in Vodafone were up 0.1% at 150.50 pence in London on Tuesday afternoon.
