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:
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*Issuer |
VFU Funding PLC |
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*Borrower |
Private Joint Stock Company “VF Ukraine” |
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*Issue ratings |
· B by Fitch Ratings CIS Ltd · B by Standard & Poor’s Credit Market Services Europe Ltd |
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*Type |
Loan Participation Notes |
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*Ranking |
Senior unsecured |
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*Format |
Rule 144A / Regulation S |
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*Issue size |
US$500m |
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*Tenor |
5NC2 |
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*Coupon |
6.20% SA |
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*Use of Proceeds |
Refinancing of the US$464m bridge facility, general corporate purposes |
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*Law / Listing |
English / Euronext Dublin (GEM) |
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*Joint Bookrunners |
J.P. Morgan, RBI |
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*Joint Lead Managers |
J.P. Morgan, RBI, Dragon Capital, ICBC Standard |