Sub replaceHLinks()
Const oldText As String = "place text to replace between the quotes"
Const newText As String = "place NEW text between the quotes"
Dim cc As Range
Application.Calculation = xlCalculationManual
For Each cc In ActiveSheet.UsedRange
If cc.Hyperlinks.Count = 1 Then
With cc.Hyperlinks(1)
Debug.Print "cell " & cc.Address, .Address, "changed to: ",
.Address = Replace(.Address, oldText, newText, , , vbTextCompare)
Debug.Print .Address
End With
End If
Next cc
Application.Calculation = xlCalculationAutomatic
Set cc = Nothing
End Sub