29th Nov 2022 08:42
(Alliance News) - Vodafone Group PLC on Tuesday announced it has launched a buyback offer for up to USD2.3 billion of its 4.375% notes due in May 2028.
The Berkshire, England-based telecommunications company explained that it wants to optimise and extend the average maturity of its debt.
The offer expires at the end of business in New York on December 28.
Two weeks ago, Vodafone said pretax profit in the six months ended September 30 rose to EUR1.7 million from EUR1.3 million a year prior.
However, the company lowered its guidance for adjusted net cash for financial year 2023 to around EUR5.1 billion from EUR5.3 billion in its previous guidance, noting macroeconomic challenges. It is planning EUR1 billion or more in cost cuts by financial year 2026.
"A comprehensive action plan is underway to mitigate the effects of the challenging macroeconomic environment," Vodafone had said.
Net debt increased by 2.8% to EUR45.52 billion at September 30 from EUR44.30 billion a year prior.
Vodafone shares were 0.6% lower at 92.28 pence each on Tuesday morning in London.
By Tom Budszus; [email protected]
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