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To: djane who wrote (7455)	9/19/1999 11:25:00 PM
From: djane	Read Replies (1) \| Respond to of 29987

VODAFONE-AIRTOUCH MAY TAP BOND MART FOR UP TO US$5 BLN. telecomfinancingweek.com September 20, 1999 VOL. II, NO. 38 ?Natalie Faulkner Vodafone-AirTouch is planning a global bond offering that could total up to US$5 billion, bankers say. Melissa Stimpson, Vodafone?s senior investor relations manager, said a bond offering is likely to be Vodafone?s next step, but would not confirm the size of a potential bond offering or name which banks are in the running for the deal. Vodafone will use the capital to repay existing borrowings under its US$10 billion bank facility and commercial paper program. Stimpson said the company is looking to complete a deal as soon as possible to begin paying off the debt, but would not specify an exact timetable. One analyst familiar with Vodafone?s plans said the company may need somewhere between US$2-5 billion. In addition to restructuring short-term debt, some of the funds could be used for its new partnership with Bell Atlantic. Goldman Sachs and Barclays Capital are among the banks rumored to be in talks with Vodafone-AirTouch, according to bankers in London and New York. A Goldman banker, who had worked with Vodafone on past deals, said the firm will continue to work with the operator in the future, but declined to comment on the company?s upcoming plan. A Barclay?s banker said the firm is involved in the deal but declined to comment further. Stimpson said market conditions for a bond offering are favorable but said if unforeseen events occur, such as an acquisition by Vodafone, the company may look to the equity markets for financing. She declined to elaborate further. Vodafone filed a US$8 billion shelf registration with the Securities and Exchange Commission on Sept. 3 to repay existing borrowings. Stimpson would not name the firm in charge of the facility. Vodafone completed a US$5 billion euro-denominated medium-term note program in July that was arranged by Greenwich NatWest. Other banks involved included Goldman Sachs, Barclays Capital, Deutsche Bank, HSBC Investment Bank, J.P. Morgan, Salomon Smith Barney and Warburg Dillon Read. Stimpson said Vodafone would not necessarily use the same firms for future deals and will consider other candidates who may pitch.