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Verizon Communications plans two offerings of fixed-rate notes
By Devika Patel
Knoxville, Tenn., Aug. 1 – Verizon Communications Inc. (Baa1/BBB+/A-) is planning to sell dollar-denominated fixed-rate notes in two offerings, according to two 424B2s filed with the Securities and Exchange Commission.
One tranche of notes, which is being sold in the United States, has a make-whole call and then is callable at par. The other tranche of notes, which is being sold in Taiwan, has a make-whole call until September 2022 and then is callable at par,
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and MUFG are the bookrunners for the U.S. offering. BNP Paribas Securities Corp., Taipei branch, and Citibank Taiwan Ltd. are the bookrunners for the Taiwan offering.
The company intends to use net proceeds from the offerings for its planned 29 separate cash tender offers for its notes and notes of several of its subsidiaries, which are conditional upon the company raising at least $3 billion from new debt securities.
Verizon is a New York City-based telecommunications company.
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