Verizon Communications tapping market for $4.5 billion of fixed-, floating-rate notes

By Andrea Heisinger

New York, Nov. 2 - Verizon Communications Inc. on Friday prepared to sell $4.5 billion of senior notes (A3/A-/A) in tranches with both fixed and floating rates, an informed source said.

Barclays, Bank of America Merrill Lynch, J.P. Morgan Securities LLC and RBS Securities Inc. are the bookrunners.

Proceeds will be used to retire prior to maturity all or a portion of $750 million of 4.35% notes due 2013, $1 billion of 4.625% notes due 2013 issued by Verizon Virginia Inc. and $2 billion of 8.75% notes due 2018; to purchase any or all notes validly tendered in connection with a tender offer commenced for any and all of $1.25 billion in 8.95% notes due 2039; and for general corporate purposes.

Verizon was last in the market with a $4.5 billion sale in four tranches on Oct. 27, 2011.

The broadband and telecommunications company is based in New York City.

© 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.