Vodafone sells new $2bn hybrid after mando equity credit loss

By Jon Hay
28 Mar 2019

Vodafone launched and priced on Thursday a $2bn hybrid capital issue, to gain some more equity credit in the eyes of the rating agencies. The deal follows Moody’s decision on Monday to give no equity credit to Vodafone’s £3.4bn mandatorily convertible bond, issued on March 5.

The UK telecoms company is eager to gain equity credit on its balance sheet because it is due to pay an enterprise value of €18.4bn to acquire Unitymedia, the German and central European cable business of Liberty Global.

Moody’s put Vodafone’s rating on review when it announced the ...

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