Vodafone Ukraine announces new tender to buy back $1.17 mln of notes
MOSCOW. May 8 (Interfax) - Vodafone Ukraine (VFU), the second largest Ukrainian mobile operator, which has bought back its own Eurobonds for around $24.4 million in a series of tender offers in connection with dividend payments, has called another such tender offer to repurchase notes at 98% of face value or $1.17 million in total.
Vodafone Ukraine paid its latest monthly tranche of dividends on May 5, totaling UAH 60.18 million, Ukrainian media reported, citing a company filing with the Irish Stock Exchange.
Tenders are accepted through May19, with settlements before May 26.
A total of $300 million of notes maturing in February 2027 and with a nominal rate of 9.625% per annum were issued. The tender offer is related to the fact that on April 24, 2025 VFU announced the payment of dividends to its shareholder for 2024 in the amount of UAH 660.245 million, or $15.9 million at the exchange rate specified in the notification. In line with the restrictions imposed by the NBU, they will be paid in separate monthly dividend tranches in hryvnia equivalent to 1 million euros.
The company said that, as per the issue terms, it was ready to invite all noteholders to apply for selling them to a sum equivalent to the dividends paid outside Ukraine.
In the first two tenders, VFU bought back notes for the equivalent to 1 million euros. The debut buyback was announced at 99% of the par value, and the second at 90%. VFU did not publish the results of the second buyback on the exchange. The scaling factor in the first buyback was 0.0040355668.
In the third tender, where the repurchase price was reduced to 85% and the offer was limited to $4.67 million, VFU received offers for $53.395 million and granted them for $5.208 million. The scaling factor was 0.1315451889487317.
The fourth tender was announced on August 13 and subsequently extended seven times. During the process, the buyback price was increased from 85% to 98% of par, and the purchase amount was raised to $10.84 million. VFU received offers to buy back $127.14 million of notes. Any tendered notes tendered by a noteholder which, if accepted for purchase, would have resulted in notes in an aggregate principal amount of less than the minimum denomination being returned to the relevant noteholder, were rejected. The remaining tendered notes were then accepted for purchase in accordance with a scaling factor of 0.1150681.
In the fifth to ninth tenders called in December 2025 and January, February and March 2026, the repurchase price was again 98% of par. In the fifth tender, VFU offered to buy back $1.165 million of notes with a scaling factor of 0.01901. VFU offered to buy back $1.475 million in the sixth tender with a scaling factor of 0.04234; $1.185 million in the seventh tender with a scaling factor of 0.3246; $1.18 million in the eighth tender with a scaling factor of 0.0333333 with $49.63 million of notes tendered; and $1.16 million in the ninth tender at 0.449.
Following the nine tenders, the aggregate principal amount of notes outstanding is $275.64 million.
The company's net profit increased 18% to UAH 4.18 billion and revenue grew 14% to UAH 27.8 billion in 2025.
