Vodafone on Tuesday launched cash tender offers to repurchase up to approximately $1.5 billion of its hybrid debt, covering securities denominated in both U.S. dollars and euros.
The move is intended to "proactively manage the Company's hybrid capital portfolio," the company said in a regulatory filing.
The British telecommunications company is offering to buy back any and all of its outstanding $500 million U.S. dollar-denominated capital securities due 2081 and 1 billion euros of its capital securities due 2080.
Both offers are conditional on the successful completion of a new issuance of euro-denominated hybrid securities, according to the company.
For the dollar-denominated notes, Vodafone is offering 98.9% of the principal amount for investors who tender their securities by the early deadline of Sept. 22.
The offer for the euro-denominated securities is for 100% of the principal amount and is scheduled to expire on Sept. 16.
Vodafone said any securities it accepts for purchase will be cancelled.
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