New Issue: Verizon sells C$1.3 billion 2.5%, 3.625% senior notes due 2030, 2050

By Marisa Wong

Los Angeles, May 14 – Verizon Communications Inc. priced C$1.3 billion of senior notes in two tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

Verizon priced C$1 billion of 2.5% 10-year notes at 99.815 to yield 200 basis points over the interpolated Canada bond curve.

The company sold C$300 million of 3.625% 30-year notes at 98.827 to yield 260 bps over the 2% Canada bond due 2051.

Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and TD Securities Inc. are the bookrunners.

The company intends to use proceeds for general corporate purposes.

Verizon is a New York-based telecommunications company.

Issuer:	Verizon Communications Inc.
Amount:	C$1.3 billion
Description:	Senior notes
Bookrunners:	Merrill Lynch Canada Inc., RBC Dominion Securities Inc. and TD Securities Inc.
Co-managers:	Scotia Capital Inc., SG Americas Securities, LLC and SMBC Nikko Securities America, Inc.
Trade date:	May 13
Settlement date:	May 15
Distribution:	SEC registered
10-year notes
Amount:	C$1 billion
Maturity:	May 16, 2030
Coupon:	2.5%
Price:	99.815
Spread:	200 bps to interpolated Government of Canada curve
Call:	Make-whole call at Canadian yield plus 50 bps until Feb. 16, 2030, then a par call
30-year notes
Amount:	C$300 million
Maturity:	May 16, 2050
Coupon:	3.625%
Price:	98.827
Spread:	260 bps to 2% Canada bond due Dec. 1, 2051
Call:	Make-whole call at Canadian yield plus 65 bps until Nov. 16, 2049, then a par call

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