By William Gullotti and Cristal Cody
Buffalo, N.Y., Feb. 17 – Verizon Communications Inc. sold $1 billion 3.875% 30-year green notes at 98.949, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of 155 basis points over Treasuries, tighter than talk in the 165 bps to 170 bps area over Treasuries, according to a market source.
The notes will have a make-whole call, at the greater of par and the discounted present value at Treasuries plus 25 basis points, until six months prior to maturity and a par call thereafter.
Loop Capital Markets LLC, BofA Securities, Inc., Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC were the bookrunners.
Proceeds will be used for financing or refinancing eligible green investments.
Verizon is a New York-based telecommunications company.
| Issuer: | Verizon Communications Inc.
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| Amount: | $1 billion
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| Issue: | Green notes
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| Maturity: | March 1, 2052
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| Bookrunners: | Loop Capital Markets LLC, BofA Securities, Inc., Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC
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| Coupon: | 3.875%
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| Price: | 98.949
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| Spread: | 155 bps over Treasuries
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| Call: | Make-whole call at Treasuries plus 25 bps until Sept. 1, 2051, then a par call
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| Trade date: | Feb. 16
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| Settlement date: | March 1
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 165 bps to 170 bps area
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