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Technology / Networks

Vodafone to raise £500 million through bond issues

Vodafone plans to raise £500 million of new debt through new equity-linked bonds due in 2020.

The telco will use the funds for general company purposes and purchasing cash-settled call options.

It will pay between 0.4 percent and 1.2 percent interest per year. The conversion price will be 30 percent above a share reference price that Vodafone will announce around 3 December.

Conversion rights on the bonds will be settled in cash, so Vodafone will not issue any new Vodafone shares meaning that existing shareholders will not see their holdings diluted.

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Morgan Stanley is the sole global coordinator for the offering while HSBC is joint bookrunner.

This article is from the CBROnline archive: some formatting and images may not be present.