Dragon Capital Acts As Joint Lead Manager on a $500m Vodafone Ukraine Eurobond Issue
High demand from investors with the books reaching US$3bn+ allowed Vodafone Ukraine achieve very good pricing terms with a coupon rate of 6.20% (ca. 100bps over Ukrainian sovereign curve).
The offering in Rule 144a/Reg S format was marketed to both European and US clients.
Key transaction parameters:
*Issuer |
VFU Funding PLC |
*Borrower |
Private Joint Stock Company “VF Ukraine” |
*Issue ratings |
· B by Fitch Ratings CIS Ltd · B by Standard & Poor’s Credit Market Services Europe Ltd |
*Type |
Loan Participation Notes |
*Ranking |
Senior unsecured |
*Format |
Rule 144A / Regulation S |
*Issue size |
US$500m |
*Tenor |
5NC2 |
*Coupon |
6.20% SA |
*Use of Proceeds |
Refinancing of the US$464m bridge facility, general corporate purposes |
*Law / Listing |
English / Euronext Dublin (GEM) |
*Joint Bookrunners |
J.P. Morgan, RBI |
*Joint Lead Managers |
J.P. Morgan, RBI, Dragon Capital, ICBC Standard |