Published on 3/18/2020 in the Prospect News Investment Grade Daily.
New Issue: Verizon prices $3.5 billion fixed-rate senior notes in three parts
By Devika Patel
Knoxville, Tenn., March 18 – Verizon Communications Inc. priced $3.5 billion of senior notes in three tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The deal included $750 million of 3% seven-year notes. These notes priced at 99.95.
There was $1.5 billion of 3.15% 10-year notes. These notes priced at 99.693.
The company also priced $1.25 billion of 4% 30-year notes at par.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Santander Investment Securities Inc., Wells Fargo Securities LLC, ICBC Standard Bank plc, Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC are the bookrunners.
The company intends to use the proceeds from this offering for general corporate purposes.
Verizon is a New York-based telecommunications company.
| Issuer: | Verizon Communications Inc.
|
| Amount: | $3.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Santander Investment Securities Inc., Wells Fargo Securities LLC, ICBC Standard Bank plc, Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Trade date: | March 17
|
| Settlement date: | March 20
|
| Distribution: | SEC registered
|
|
|
| Seven-year notes
|
| Amount: | $750 million
|
| Maturity: | March 22, 2027
|
| Coupon: | 3%
|
| Price: | 99.95
|
| Call: | Make-whole call at Treasuries plus 35 bps until Jan. 22, 2027, then a par call
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 22, 2030
|
| Coupon: | 3.15%
|
| Price: | 99.693
|
| Call: | Make-whole call at Treasuries plus 35 bps until Dec. 22, 2029, then a par call
|
|
|
| 30-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 22, 2050
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Call: | Make-whole call at Treasuries plus 40 bps until Sept. 22, 2049, then a par call
|
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