LONDON (Alliance News) - Telecommunications giant Vodafone Group PLC on Thursday said it is planning to raise GBP2.9 billion through the issue of convertible bonds.
The FTSE 100-listed company said the bonds will be issued in two tranches, one with an 18-month maturity and the other with a three-year maturity.
The bonds will be convertible into ordinary shares representing around 5.0% of the company's current share capital, and it will hedge its exposure to share price movements via an option strategy.
The initial conversion price for the bonds will be 217.30 pence per share, Vodafone's closing price on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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