Vodafone Group on Tuesday launched a tender offer to buy back up to €1 billion of its hybrid capital securities as part of a plan to manage its debt portfolio.
The telecommunications company invited holders of its 2.625% capital securities due 2080 to sell them back for 100% of their principal amount, plus accrued interest.
The purpose of the offer is to "proactively manage the Company's hybrid capital portfolio," Vodafone said in a regulatory filing.
The buyback is conditional on the successful issuance of two new series of euro-denominated hybrid securities, according to the company.
Vodafone said it intends to give preference in the allocation of the new notes to investors who tender their existing securities.
The move gives securityholders an opportunity to sell their holdings ahead of the first optional redemption date in May 2026.
The company also announced a separate tender offer for $500 million of its U.S. dollar-denominated capital securities.
The offer for the euro-denominated securities is scheduled to expire on Sept. 16.
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