Vodafone Group PLC said Thursday it has raised 1.4 billion euros in new debt, a move that paves the way for a planned buyback of existing securities.
The British telecommunications giant issued two tranches of €700 million each in subordinated notes that mature in 2055, according to a regulatory filing.
The successful debt sale fulfills a condition for the company's tender offers, announced earlier this week, to repurchase up to $500 million and €1 billion of its outstanding hybrid debt.
Vodafone has said the series of transactions is designed to "proactively manage the Company's hybrid capital portfolio."
The financial maneuvering comes as the company undergoes a broader corporate overhaul, which includes a recent change in its executive leadership team.
According to the company, any securities accepted for purchase through the tender offers will be cancelled.
More from this issuer
Related coverage
Vodafone reported higher first-half revenue and profit, raised its full-year outlook, and announced a new dividend policy, citing momentum from its ongoing corporate transformation.
Vodafone and its partner AST SpaceMobile will establish their main European satellite operations center in Germany to manage a new satellite network, the companies said Friday.
Vodafone said Thursday it has agreed to acquire German cloud-services specialist Skaylink for 175 million euros, bolstering its digital offerings for business customers as part of a wider corporate overhaul.
Vodafone's Turkish subsidiary will pay $627 million for new 5G spectrum following a government auction, the British telecommunications company said Thursday.