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. Last Updated: 07/27/2016

Vodafone Sells Debt

NEW YORK -- Vodafone AirTouch PLC has sold $5.25 billion of global debt, the largest corporate debt sale by a British company and the sixth largest overall, market sources said.

Strong demand for Vodafone's five-year, 10-year and 30-year debt, which market sources estimated at over $8 billion, allowed the British telecommunications giant to offer smaller yield premiums over comparable U.S. Treasuries than the market expected.

Vodafone last week agreed to a 180 billion euro ($176 billion) merger with Germany's Mannesmann AG.

Citing banking sources, the Loan Pricing Corp. reported Vodafone may use proceeds from Monday's debt sale to reduce the size of a bank loan it plans to take out to help refinance Mannesmann's debt.