UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
Form 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULES 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
Dated
February 13, 2023
Commission
File Number: 001-10086
VODAFONE
GROUP
PUBLIC
LIMITED COMPANY
(Translation of
registrant’s name into English)
VODAFONE
HOUSE, THE CONNECTION, NEWBURY, BERKSHIRE, RG14 2FN,
ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F x Form
40-F ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ¨
This Report
on Form 6-K contains a Stock Exchange Announcement dated 13
February 2023 entitled ‘VODAFONE ANNOUNCES PRICING OF TENDER
OFFERS’.
NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON
RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE,
PUBLICATION OR DISTRIBUTION IS UNLAWFUL
THIS
ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN
THE MEANING OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU)
596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED
KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018
VODAFONE
GROUP PUBLIC LIMITED COMPANY ANNOUNCES PRICING OF TENDER
OFFERS
(Newbury,
Berkshire – England) – February 13, 2023 – Vodafone Group Plc
(“Vodafone” or the “Company”) announced today the pricing of its
previously announced three concurrent, but separate, offers to
purchase for cash any and all of the outstanding series of notes
listed in the table below (collectively, the “Notes”) upon the
terms of and subject to the conditions in the offers to purchase
dated February 7, 2023 (the “Offer to Purchase”) and the
accompanying notice of guaranteed delivery (the “Notice of
Guaranteed Delivery,” and together with the Offer to Purchase, the
“Tender Offer Documents”). The Company’s obligation to complete an
Offer with respect to a particular series of Notes is conditioned
on the aggregate principal amount of the validly tendered and not
validly withdrawn Notes, together with the aggregate principal
amount of Notes of any series accepted for purchase with a higher
Acceptance Priority Level, not exceeding $2.0 billion (the “Maximum
Tender Acceptance Amount”), subject to the provisions set forth in
the Offer to Purchase.
The offers
to purchase with respect to each series of Notes are referred to
herein as the “Offers” and each, an “Offer.” Capitalised terms not
otherwise defined in this announcement have the same meaning as
assigned to them in the Offer to Purchase.
Upon the
terms and subject to the conditions set forth in the Tender Offer
Documents, the Purchase Price Consideration (as defined in the
Offer to Purchase) for each series of Notes is set forth in the
following table:
Acceptance
Priority
Level |
|
Title of
Security |
|
CUSIP / ISIN |
|
Outstanding
Principal
Amount |
|
Reference
U.S.
Treasury
Security |
|
Bloomberg
Reference
Page(1) |
|
Reference
Yield (%) |
|
Fixed
Spread
(basis points) |
|
Purchase
Price
Consideration(2)(3) |
|
1 |
|
|
5.250%
Notes due May 2048 |
|
92857WBM1 / US92857WBM10 |
|
$ |
3,000,000,000 |
|
UST 3.00% due August 15, 2052 |
|
FIT1 |
|
3.831 |
|
|
175 |
|
$ |
955.34 |
|
2 |
|
|
4.375%
Notes due February 2043 |
|
92857WBD1 / US92857WBD11 |
|
$ |
1,400,000,000 |
|
UST 4.00% due November 15, 2042 |
|
FIT1 |
|
3.955 |
|
|
155 |
|
$ |
863.97 |
|
3 |
|
|
5.000%
Notes due May 2038 |
|
92857WBL3 / US92857WBL37 |
|
$ |
1,000,000,000 |
|
UST 4.125% due November 15, 2032 |
|
FIT1 |
|
3.752 |
|
|
155 |
|
$ |
968.55 |
|
|
(1) |
The
page on Bloomberg from which the Dealer Managers quoted the
bid-side price of the applicable Reference U.S. Treasury
Security. |
|
(2) |
Per $1,000
in principal amount of each series of Notes validly tendered at or
prior to the Expiration Time or the Guaranteed Delivery Date
pursuant to the Guaranteed Delivery Procedures, not validly
withdrawn and accepted for purchase. |
|
(3) |
The
Purchase Price Consideration for each series of Notes was
calculated at or around 11:00 a.m., New York City time, today (the
“Price Determination Time”) in accordance with standard market
practice, as described in the Offer to Purchase. |
The Offers
will expire at 5:00 p.m., New York City time, on February 13,
2023 (such date and time, as the same may be extended, the
“Expiration Time”). Notes tendered may be validly withdrawn at any
time at or prior to the Expiration Time, but not
thereafter.
The
“Results Announcement Date” is expected to be February 14,
2023, unless the Offers are extended. In respect of accepted Notes
that are delivered at or prior to the Expiration Time, the Company
expects the Settlement Date to occur on the second business day
after the Expiration Time, February 15, 2023. In respect of
accepted Notes that are delivered pursuant to the Guaranteed
Delivery Procedures, the Company expects the Guaranteed Delivery
Settlement Date to occur on the business day after the Guaranteed
Delivery Date, February 16, 2023.
On
February 10, 2023, the Company closed the offering of
U.S.$700,000,000 5.625% Notes due February 2053 and
U.S.$500,000,000 5.750% Notes due February 2063 (together, the
“New Dollar Notes”) and Vodafone International Financing DAC, an
indirect wholly owned subsidiary of the Company, closed the
offering of €500,000,000 4.000% Notes due February 2043
(the “New
Euro Notes”). The proceeds of both offerings are expected to fund
the Offers.
In addition
to the applicable Purchase Price Consideration, Holders whose Notes
are accepted for purchase will be paid the applicable Accrued
Interest. Interest will cease to accrue on the Settlement Date for
all Notes accepted in the Offers.
The
consummation of the Offers and the Company’s obligation to accept
and pay for Notes validly tendered (and not validly withdrawn)
pursuant to the Offers are subject to the satisfaction or waiver of
certain conditions described in the Offer to Purchase, including
the New Financing Condition and the Maximum Tender Acceptance
Amount Condition. The Company reserves the right, subject to
applicable law, to amend or waive any and all conditions to the
Offers.
Holders
are advised to check with any intermediary (as defined in the Offer
to Purchase) through which they hold Notes as to when such
intermediary would need to receive instructions from a Holder in
order for that Holder to be able to participate in, or (in the
circumstances in which revocation is permitted) revoke their
instruction to participate in the Offers before the deadlines
specified herein and in the Offer to Purchase. The deadlines set by
any such intermediary and DTC for participation in the Offers may
be earlier than the relevant deadlines specified herein and in the
Offer to Purchase.
The Company
has retained Goldman Sachs & Co. LLC and Merrill Lynch
International as Dealer Managers and D.F. King as Information and
Tender Agent (the “Information and Tender Agent”) for the purposes
of the Offers.
Questions
regarding
procedures for tendering Notes may be directed to D.F. King at +44
20 7920 9700 (London), +1 (212) 269-5550 (New York City) or +1
(800) 605-1957 (U.S. Toll Free), or by email to
vodafone@dfkingltd.com. Questions regarding the Offers may be
directed to Goldman Sachs & Co. LLC at +1 (800) 828-3182
(U.S. Toll Free), +1 (212) 902-6351 (U.S.) or +44 20 7774 4836
(London) or by email to liabilitymanagement.eu@ny.email.gs.com and
to Merrill Lynch International at +1 (888) 292-0070 (U.S. Toll
Free), +1 (980) 387-3907 (U.S.) or +44-20-7996-5420 (London) or by
email to dg.lm-emea@bofa.com.
This
announcement is for informational purposes only and does not
constitute an offer to buy, or a solicitation of an offer to sell,
any security. No offer, solicitation, or sale will be made in any
jurisdiction in which such an offer, solicitation, or sale would be
unlawful. The Offers are only being made pursuant to the Offer to
Purchase. Holders of the Notes are urged to carefully read the
Offer to Purchase before making any decision with respect to the
Offers.
The New
Dollar Notes were issued pursuant to a registration statement (File
No. 333-240163) filed on Form F-3ASR with the United
States Securities and Exchange Commission. Any investment decision
to purchase any New Dollar Notes should be made solely on the basis
of the information contained in the prospectus dated July 29,
2020, as supplemented by the prospectus supplement dated
February 7, 2023 (together, the “Company Prospectus”), and no
reliance is to be placed on any representations other than those
contained in the Company Prospectus.
The New
Euro Notes have not been, and will not be, registered under the
United States Securities Act of 1933 (the “Securities Act”). The
New Euro Notes may not be offered or sold in the United States or
to, or for the account or benefit of, US persons (as such term is
defined in Regulation S under the Securities Act) except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. There will be no
public offer of the New Euro Notes in the United States.
The
distribution of announcement in certain jurisdictions may be
restricted by law. Persons into whose possession this announcement
comes are required by each of the Company, the Dealer Managers and
the Information and Tender Agent to inform themselves about and to
observe any such restrictions.
This
announcement is made by Vodafone Group Plc and contains information
that qualified or may have qualified as inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU)
596/2014 as it forms part of domestic law in the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”)
(“UK MAR”), encompassing information relating to the Offers
described above. For the purposes of UK MAR and Article 2 of
Commission Implementing Regulation (EU) 2016/1055 as it forms part
of domestic law in the United Kingdom by virtue of the EUWA, this
announcement is made by Rosemary Martin, Group General Counsel and
Company Secretary of Vodafone.
Offer
and Distribution Restrictions
Italy
None of the
Offers, this announcement, the Offer to Purchase or any other
document or materials relating to the Offers have been or will be
submitted to the clearance procedures of the Commissione Nazionale
per le Società e la Borsa (“CONSOB”) pursuant to Italian laws and
regulations. Each Offer is being carried out in Italy as an
exempted offer pursuant to article 101-bis, paragraph 3-bis of the
Legislative Decree No. 58 of 24 February 1998, as amended
(the “Financial Services Act”) and article 35-bis, paragraph 4 of
CONSOB Regulation No. 11971 of 14 May 1999, as amended.
Holders or beneficial owners of the Notes that are located in Italy
can tender Notes for purchase in the Offers through authorised
persons (such as investment firms, banks or financial
intermediaries permitted to conduct such activities in Italy in
accordance with the Financial Services Act, CONSOB Regulation
No. 20307 of 15 February 2018, as amended from time to
time, and Legislative Decree No. 385 of 1 September 1993,
as amended) and in compliance with applicable laws and regulations
or with requirements imposed by CONSOB, the Bank of Italy or any
other Italian authority.
Each
intermediary must comply with the applicable laws and regulations
concerning information duties vis-à-vis its clients in connection
with the Notes and/or the Offers.
United
Kingdom
The
communication of this announcement and the Offer to Purchase and
any other documents or materials relating to the Offers is not
being made and such documents and/or materials have not been
approved by an authorised person for the purposes of section 21 of
the Financial Services and Markets Act 2000. Accordingly, such
documents and/or materials are not being distributed to, and must
not be passed on to, the general public in the United Kingdom. The
communication of such documents and/or materials as a financial
promotion is only being made to those persons in the United Kingdom
falling within the definition of investment professionals (as
defined in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial
Promotion Order”)) or persons who are within
Article 43(2) of the Financial Promotion Order or any
other persons to whom it may otherwise lawfully be made under the
Financial Promotion Order.
France
The Offers
are not being made, directly or indirectly, and none of this
announcement, the Offer to Purchase or any other document or
material relating to the Offers has been or shall be distributed,
to the public in the Republic of France other than to qualified
investors (investisseurs qualifiés) within the meaning
ascribed to them in, and in accordance with,
Article 2(e) of the Regulation (EU) 2017/1129. Neither
this announcement nor the Offer to Purchase has been or will be
submitted for clearance to nor approved by the Autorité des
Marchés Financiers.
Belgium
Neither
this announcement, the Offer to Purchase nor any other brochure,
document or material related thereto has been, or will be,
submitted or notified to, or approved by, the Belgian Financial
Services and Markets Authority (Autorité des services et marchés
financiers/Autoriteit voor Financiële Diensten en Markten). In
Belgium, the Offers do not constitute public offerings within the
meaning of Articles 3, §1, 1° and 6 of the Belgian Law of
April 1, 2007 on takeover bids (loi relative aux offres
publiques d’acquisition/wet op de openbare overnamebiedingen)
(the “Belgian Takeover Law”), as amended or replaced from time to
time. Accordingly, the Offers may not be, and are not being
advertised, and this announcement, as well as any brochure, or any
other material or document relating thereto (including any
memorandum, information circular, brochure or any similar document)
may not, has not and will not be distributed, directly or
indirectly, to any person located and/or resident within Belgium,
other than (i) those who qualify as qualified investors
(investisseurs qualifiés/qekwalificeerde beleggers), within
the meaning of Article 2(e), of Regulation (EU) 2017/1129 of
the European Parliament and of the Council of 14 June 2017 on
the prospectus to be published when securities are offered to the
public or admitted to trading on a regulated market, and repealing
Directive 2003/71/EC acting on their own account; and (ii) in
any circumstances set out in Article 6, §4 of the Belgian
Takeover Law. Accordingly, the information contained in this
announcement, the Offer to Purchase or in any brochure or any other
document or material relating thereto may not be used for any other
purpose, including for any offering in Belgium, except as may
otherwise be permitted by law, and shall not be disclosed or
distributed to any other person in Belgium.
General
This
announcement does not constitute an offer to buy or the
solicitation of an offer to sell Notes (and tenders of Notes in the
Offers will not be accepted from Holders) in any circumstances in
which such offer or solicitation or acceptance is unlawful. In
those jurisdictions where the securities, blue sky or other laws
require the Offers to be made by a licensed broker or dealer and
any Dealer Manager or any of the Dealer Managers’ affiliates is
such a licensed broker or dealer in any such jurisdiction, the
Offers shall be deemed to be made by such Dealer Manager or such
Dealer Manager’s affiliate, as the case may be, on behalf of the
Company in such jurisdiction.
Each
tendering Holder participating in the Offers will be deemed to give
certain representations in respect of the jurisdictions referred to
below and generally as set out in the section titled “Description
of the Offers—Procedures for Tendering Notes—Other Matters” in the
Offer to Purchase. Any tender of Notes for purchase pursuant to the
Offers from a Holder that is unable to make these representations
will not be accepted. Each of the Company, the Dealer Managers and
the Information and Tender Agent reserves the right, in its sole
and absolute discretion, to investigate, in relation to any tender
of Notes for purchase pursuant to the Offers, whether any such
representation given by a Holder is correct and, if such
investigation is undertaken and as a result the Company determines
(for any reason) that such representation is not correct, such
tender shall not be accepted.
Forward-Looking
Information
This
announcement contains certain forward-looking statements which
reflect the Company’s intent, beliefs or current expectations about
the future and can be recognised by the use of words such as
“expects,” “will,” “anticipate,” or words of similar meaning. These
forward-looking statements are not guarantees of any future
performance and are necessarily estimates reflecting the best
judgment of the senior management of the Company and involve a
number of risks and uncertainties that could cause actual results
to differ materially from those suggested by the forward-looking
statements. As a consequence, these forward-looking statements
should be considered in light of various important factors that
could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements, which
include, without limitation, the risk factors set forth in the
Offer to Purchase. The Company cannot guarantee that any
forward-looking statement will be realised, although it believes it
has been prudent in its plans and assumptions. Achievement of
future results is subject to risks, uncertainties and assumptions
that may prove to be inaccurate. Should known or unknown risks or
uncertainties materialise, or should underlying assumptions prove
inaccurate, actual results could vary materially from those
anticipated, estimated or projected. The Company undertakes no
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances or to
reflect the occurrence of unanticipated events, except as required
by applicable law.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
VODAFONE
GROUP |
|
|
PUBLIC
LIMITED COMPANY |
|
|
(Registrant) |
|
|
|
|
|
|
Date:
February 13, 2023 |
By: |
/s/ R
E S MARTIN |
|
Name: |
Rosemary
E S Martin |
|
Title: |
Group
General Counsel and Company Secretary |
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