Verizon Communications plans to conduct offering of fixed-rate notes

By Devika Patel

Knoxville, Tenn., Aug, 1 – Verizon Communications Inc. (Baa1/BBB+/A-) is planning to sell dollar-denominated fixed-rate notes, according to a 424B2 filed with the Securities and Exchange Commission.

The notes have a make-whole call and then are callable at par.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and MUFG are the bookrunners.

The company intends to use net proceeds from this offering for its planned 29 separate cash tender offers for its notes and notes of several of its subsidiaries, which are conditional upon the company raising at least $3 billion from new debt securities.

Verizon is a New York City-based telecommunications company.

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