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Verizon issues make-whole call for remainder of three note series
By Susanna Moon
Chicago, April 5 – Verizon Communications Inc. said it called the remainder of three series of notes included in a tender offer that ran for about a month until April 1.
The outstanding notes will be redeemed on April 8 at par plus a make-whole premium as follows, according to a company notice:
• $909,896,000 of 2.5% notes due 2016 with a make-whole premium of 30 basis points;
• $518,912,000 of 2% notes due 2016 with a make-whole premium of 20 bps; and
• $779,788,000 of 6.35% notes due 2019 with a make-whole premium of 75 bps.
The redemption price will be equal to the sum of the present values of the remaining scheduled payments of principal and interest excluding interest accrued to the redemption date, discounted to the redemption date on a semiannual basis at the Treasury rate plus the make-whole premium, plus accrued interest, the release noted.
As announced April 4, Verizon completed its tender offers to purchase 34 series of notes, including an offer to purchase any and all of three series of notes being called.
Verizon accepted for purchase $1,272,439,000 of the $2,182,335,000 2.5% notes due 2016, $731,088,000 of the $1.25 billion 2% notes due 2016 and $970,212,000 of the $1.7 billion 6.35% notes due 2019.
The total purchase price for each $1,000 principal amount was $1,007.60 for the 2.5% notes, $1,007.20 for the 2% notes and $1,133.32 for the 6.35% notes.
The total payment included an early tender premium of $30 per $1,000 of notes tendered by 5 p.m. ET on March 17, the early participation date.
Holders who tendered after the early deadline received the total amount less the early premium.
The tender offer began March 4.
Verizon is a New York City-based telecommunications company.
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