Vodafone appoints Law Debenture as trustee of two mandatory convertible bonds
01 March 2016
Vodafone Group plc
£1,440,000,000 1.50% Subordinated Mandatory Convertible Bonds due 2017
£1,440,000,000 2.00% Subordinated Mandatory Convertible Bonds due 2019
Law Debenture has been appointed by Vodafone as trustee for a two tranche mandatory convertible bond. The bonds are subordinated and the interest coupons deferrable at Vodafone’s option. In addition although conversion of the bonds is mandatory the bonds were described as non-dilutive to shareholders due to an option package provided by the book runners JP Morgan and Morgan Stanley.
In November 2015 Law Debenture was appointed trustee of an issue of £600,000,000 Zero Coupon Equity Linked Bonds due 2020 where converting bondholders will receive the cash equivalent of the underlying Vodafone shares rather than the shares themselves.