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Reuters: Vodafone To Try Sell Indus Towers Stake Next Week Via Block Deals; Credit Positive

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Rating: Baa2/BBB/BBB

  • Credit positive if the sale happens; amount roughly equates to 0.2x turns of EBITDAal leverage meaning were the full amount to be sold then leverage would fall to management’s target of the lower half of the 2.25-2.75x range (currently 2.5x).
  • We do however note that that Vodafone has made previous efforts to exit their position in Indus that haven’t materialised.

  • Two RTRS sources reporting that Vodafone plans to sell its USD 2.3bn stake (21.5%) in India's Indus Towers next week via block deals.
  • Sale aimed at debt repayment; final stake sold size may vary based on market demand.
  • Banks managing the deal: Bank of America, Morgan Stanley, BNP Paribas.

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