Verizon gives early participation exchange results for eight series of notes, upsizes offer

Chicago, Sept. 17 – Verizon Communications Inc. provided the early results of its exchange offers for eight series of notes and also upsized the exchange offer, according to a press release on Friday morning.

The company increased the amount of notes it will accept in the exchange offer to all notes tendered by the early deadline, an increase from a capped amount of up to $3.5 billion of new notes due March 15, 2032.

Accordingly, Verizon is accepting the following amounts of notes, based on par of $1,000 per note:

• $132,776,000 tendered and accepted of the $610,372,000 of 4.15% notes due 2024 (Cusip: 92343VBY9) with pricing to be based on the 0.25% Treasury note due March 15, 2024 plus 25 basis points;

• $750.78 million tendered and accepted of the $1.75 billion of 0.75% notes due 2024 (Cusip: 92343VGF5) with pricing to be based on the 0.25% Treasury note due March 15, 2024 plus 10 bps;

• $296,791,000 tendered and accepted of the $750 million of floating-rate notes due 2024 (Cusip: 92343VGD0) for $1,011.25 of new notes;

• $337,906,000 tendered and accepted of the $1,499,188,000 of 3.5% notes due 2024 (Cusip: 92343VCR3) with pricing to be based on the 1.5% Treasury note due Oct. 31, 2024 plus 25 bps;

• $1,151,446,000 tendered and accepted of the $2,491,207,000 of 3.376% notes due 2025 (Cusips: 92343VEN0, 92343VEB6, U9221AAY4) with pricing to be based on the 2% Treasury note due Feb. 15, 2025 plus 25 bps;

• $595.97 million tendered and accepted of the $2 billion of 0.85% notes due 2025 (Cusip: 92343VFS8) with pricing to be based on the 0.75% Treasury note due Aug. 31, 2026 plus 5 bps;

• $833,533,000 tendered and accepted of the $2.75 billion of 1.45% notes due 2026 (Cusip: 92343VGG3) with pricing to be based on the 0.75% Treasury note due Aug. 31, 2026 plus 25 bps; and

• $380,585,000 tendered and accepted of the $2.25 billion of 2.625% notes due 2026 (Cusip: 92343VDD3) with pricing to be based on the 0.75% Treasury note due Aug. 31, 2025 plus 40 bps.

In each case, there is a $50 early participation premium to be paid in additional new notes.

Accrued interest will be paid in cash.

The offer will technically expire at 5 p.m. ET on Oct. 1. However, the increased cap has been met and no more notes will be accepted in the exchange.

The early participation deadline and withdrawal deadline was 5 p.m. ET on Sept. 16.

The offer was subject to a minimum condition requiring that at least $1 billion of new notes be issued to settle the early exchange. That condition has been met.

There is also a tax condition.

Pricing will be determined at 9 a.m. ET on Sept. 17.

Early settlement is planned for Sept. 20. There will be no final settlement date.

Global Bondholder Services Corp. will act as the information agent and exchange agent (866 470-3800 or 212 430-3774).

Verizon is a New York-based telecommunications company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.