Vodafone Group Plc
07 June 2005
7 June 2005
VODAFONE ANNOUNCES REPURCHASES OF OSKAR AND MOBIFON BONDS
Vodafone Group Plc ('Vodafone') today announces, following the recent completion
of the acquisition of 100% of Oskar Mobil a.s. ('Oskar') in the Czech Republic
and the increase in its stake in MobiFon S.A. in Romania to approximately 99%,
the exercise of bond redemption rights by Oskar and the launch of a bond tender
and consent solicitation by MobiFon Holdings B.V. ('MobiFon').
OSKAR
Oskar has given notice to holders of its €325 million 7.50% First Priority
Senior Secured Notes due 2011 (the 'Oskar Notes') to exercise its right to
redeem:
* 35% of outstanding notes at a price of €1,075 per €1,000 principal
amount, with redemption on 7 July 2005; and
* 65% of outstanding notes using a 'make-whole' provision at a price
calculated with reference to the sum of the yield to maturity as at 3.30pm
Frankfurt time on 1 July 2005 on the Bundesobligation due 10 October 2008
and 0.5%, with redemption on 8 July 2005.
Following settlement of these two redemption provisions, no Oskar Notes will
remain outstanding.
MOBIFON
MobiFon has launched a tender offer and consent solicitation (together the
'Tender Offer') for its U.S.$223 million 12.50% Senior Notes due 2010 (the
'Notes').
In line with the pricing mechanics of the Oskar Notes redemption, the Tender
Offer price is equal to the sum of:
* 35% of U.S.$1,125 per U.S.$1,000 principal amount of Notes validly
tendered; and
* 65% of a price calculated with reference to the sum of the yield to
maturity as at 2.00pm New York time on 20 June 2005 on the US Treasury
Note due 31 May 2007 and 0.5%.
Noteholders who tender their Notes after 21 June 2005 will receive the above
price less U.S.$20 per U.S.$1,000 in principal amount. The Tender Offer will
expire at 5.00pm New York time, on 6 July 2005 unless extended by
MobiFon in its sole discretion, or terminated earlier. Goldman, Sachs & Co. is
acting as Dealer Manager in the Tender Offer.
MobiFon is not obliged to repurchase any Notes unless Notes representing over
50% in aggregate principal amount are tendered, in which case substantially all
the restrictive covenants in such Notes will be removed. If 66 and 2/3% in
aggregate principal amount of Noteholders tender their Notes then a further
covenant limiting the investment activities of MobiFon will also be removed.
Such amendments will bind all Notes including those which have not been tendered
and remain outstanding. Following the successful conclusion of the Tender Offer,
MobiFon will seek to have its reporting requirements to the Securities and
Exchange Commission suspended. Vodafone has no intention of guaranteeing the
repayment of principal and interest on the Notes.
For further information:
Vodafone Group
Simon Lewis, Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Investor Relations Media Relations
Charles Butterworth Bobby Leach
Darren Jones Ben Padovan
Sarah Moriarty Tel: +44 (0) 1635 673310
Tel: +44 (0) 1635 673310
Goldman Sachs D.F. King & Co, Inc.
Liability Management Group Tel: + 1 212 269 5550
Tel:+ 1 800 828 3182 Or: + 1 800 848 3416
Or: + 1 212 357 3019
This press release is neither an offer to purchase nor a solicitation of an
offer to sell securities. The Tender Offer is made upon the terms and subject to
the conditions set forth in MobiFon's Consent Solicitation and Offer to Purchase
dated 7 June 2005. Persons with questions regarding the offer should contact
Goldman, Sachs & Co. attention: Liability Management Group at + 1 212 357 3019
or toll free at + 1 800 828 3182. Requests for copies of the Consent
Solicitation and Offer to Purchase should be directed to the Information Agent,
D.F. King & Co, Inc. at + 1 212 269 5550 or toll free at + 1 800 848 3416.
This announcement has been issued by Vodafone and is the sole responsibility of
Vodafone and has been approved solely for the purposes of Section 21 of the
Financial Services and Markets Act 2000 by Goldman Sachs International.
Goldman, Sachs & Co. is acting for Vodafone and no one else in connection with
the Tender Offer and will not be responsible to any other person for providing
the protections afforded to clients of Goldman, Sachs & Co., or for providing
advice in relation to the Tender Offer.
This information is provided by RNS
The company news service from the London Stock Exchange
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