February 19, 2016 / 7:25 AM / 3 years ago

BRIEF-Vodafone places 2.88 bln stg of mandatory convertible bonds

Feb 19 (Reuters) - Vodafone Group Plc :

* Successful placing of mandatory convertible bonds

* Vodafone to raise £2.88 bln through issuance of mandatory convertible bonds

* Bonds to be issued in two tranches: 18 month maturity and 3 year maturity

* Bonds convertible into ordinary shares representing approximately 5 pct of Vodafone’s current share capital

* Potential for Vodafone to buy back shares following conversion of bonds in order to mitigate dilution, utilising disposal proceeds from its U.S.$5 bln Verizon loan notes

* Vodafone to hedge its exposure to share price movements during term of bonds via an option strategy

* Settlement and closing is scheduled to take place on 25 February 2016 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below