New Issue: Verizon Communications sells $1.5 billion three-year floaters at Libor plus 55 bps

By Cristal Cody

Tupelo, Miss., May 11 – Verizon Communications Inc. (Baa1/BBB+/A-) sold $1.5 billion of three-year floating-rate notes on Thursday at par to yield Libor plus 55 basis points, according to an FWP filing with the Securities and Exchange Commission.

RBC Capital Markets LLC, Wells Fargo Securities, LLC, Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP were the underwriters.

The company intends to use the proceeds for general corporate purposes, which may include the repayment of outstanding debt.

Verizon is a New York City-based telecommunications company.

Issuer:	Verizon Communications Inc.
Amount:	$1.5 billion
Description:	Floating-rate notes
Maturity:	May 22, 2020
Bookrunners:	RBC Capital Markets LLC, Wells Fargo Securities, LLC, Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP
Coupon:	Libor plus 55 bps
Price:	Par
Yield:	Libor plus 55 bps
Call feature:	Non-callable
Trade date:	May 11
Settlement date:	May 22
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A-
Distribution:	SEC registered

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