By Andrea Heisinger
New York, Oct. 30 - Verizon Communications Inc. priced a combined $3.25 billion of senior notes (A3/A) in two tranches Thursday, an informed source said.
The size was whispered at $1 billion or larger per tranche, the source said, and was increased from there.
The $2 billion of 8.75% 10-year notes priced at 99.438 to yield Treasuries plus 487.5 basis points.
The $1.25 billion of 8.95% 30-year notes priced at 97.483 to yield Treasuries plus 487.5 bps.
Joint bookrunners were Citigroup Global Markets Inc., Morgan Stanley & Co. Inc. and UBS Investment Bank.
Co-managers were with Banc of America Securities LLC, Credit Suisse Securities and RBS Greenwich Capital.
Proceeds will be used to repay commercial paper and for general corporate purposes.
The telecommunications company is based in New York City.
| Issuer: | Verizon Communications Inc.
|
| Issue: | Senior notes
|
| Amount: | $3.25 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank
|
| Co-managers: | Banc of America Securities LLC, Credit Suisse Securities, RBS Greenwich Capital
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 4
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
|
|
| 10-year notes
|
| Amount: | $2 billion
|
| Maturity: | Nov. 1, 2018
|
| Coupon: | 8.75%
|
| Price: | 99.438
|
| Spread: | Treasuries plus 487.5 bps
|
|
|
| 30-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 1, 2039
|
| Coupon: | 8.95%
|
| Price: | 97.483
|
| Spread: | Treasuries plus 487.5 bps
|
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