Vodafone’s $2.25 Billion Debt Offering and Cash Tender Offers

June 19, 2019

Cleary Gottlieb represented the underwriters, including BofA Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, and UBS Securities LLC, in an SEC-registered offering by Vodafone Group plc (Vodafone) of $2.25 billion of senior unsecured notes.

The $2.25 billion offering was a takedown from Vodafone’s U.S. shelf registration statement. The offering priced on June 12, 2019, and closed on June 19, 2019. The notes were issued in two tranches, comprising of a first tranche of $1.75 billion 4.875% notes due 2049 and a second tranche of $500 million 5.125% notes due 2059.

Cleary also represented the underwriters, who acted as dealer managers, in concurrent cash tender offers. The proceeds of the new notes offering were used to purchase any and all of Vodafone’s outstanding 4.375% notes due 2021, 2.5% notes due 2022, and 2.95% notes due 2023. The cash tender offers settled on June 20, 2019. Concurrently with the launch of the cash tender offers, a notice of redemption was issued in respect of any 2021 notes not purchased by Vodafone pursuant to the cash tender offers.

Vodafone is one of the world’s largest telecommunication companies and provides a range of services including voice, messaging, data, and fixed communications. It has mobile operations in 26 countries, partners with mobile networks in 48 countries, and fixed broadband operations in 17 markets.