Verizon sets guidance for five-part notes offering; pricing Monday

By Aleesia Forni

Virginia Beach, March 10 - Verizon Communications Inc. is expected to sell senior notes in five parts during Monday's session, according to market sources and a 424B5 filed with the Securities and Exchange Commission.

The sale is expected to include 5.25-year fixed-rate notes guided in the Treasuries plus 105 basis points area and 5.25-year floating-rate notes with guidance at the Libor equivalent.

A seven-year tranche of notes is being guided in the Treasuries plus 135 bps area, while a tranche of notes due 2024 has guidance in the mid-150 bps area over Treasuries.

The company is also planning to price notes due 2034, which have guidance in the area of 155 bps over Treasuries.

Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used to fund tender offers.

Verizon, a New York City-based telecommunications company, was last in the U.S. bond market pricing a record breaking $49 billion of bonds in eight tranches on Sept. 11.

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