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Prospect News home > News index > List of issuers V > Headlines for Verizon Communications Inc. > News item
Published on 9/11/2013 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Verizon Communications launches record $49 billion eight-tranche offering of senior notes

By Aleesia Forni and Paul A. Harris

Virginia Beach, Va., Sept. 11 - Verizon Communications Inc. launched a $49 billion eight-tranche offering of senior notes on Wednesday, according to market sources.

The deal launched on top of talk.

Verizon is planning to sell $2.25 billion of three-year floaters at Libor plus 153 basis points and $1.75 billion five-year floaters at Libor plus 175 bps.

The company also launched $4.25 billion three-year notes at Treasuries plus 165 bps, $4.75 billion five-year notes at Treasuries plus 190 bps, $4 billion seven-year notes at Treasuries plus 215 bps, $11 billion 10-year notes at Treasuries plus 225 bps, $6 billion 20-year bonds at Treasuries plus 250 bps and $15 billion 30-years bonds at Treasuries plus 265 bps.

The deal is expected to price early during Wednesday's session and is set to shatter Apple Inc.'s previous bond record.

The computer and mobile communications device company currently holds the record of $17 billion, which priced in six tranches in April.

Proceeds will be used to finance Verizon's acquisition of Vodafone's 45% ownership in Verizon Wireless.

The notes will feature a make-whole call and a 101% poison put.

J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch and Morgan Stanley & Co. LLC are the active bookrunners.

Passive bookrunners are Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Mitsubishi UFJ Securities, RBC Capital Markets LLC, RBS Securities Inc. and Wells Fargo Securities LLC.

Co-managers are Deutsche Bank Securities Inc. and Santander Investment Securities Inc.

Verizon is a New York City-based telecommunications company.


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