New Issue: Verizon prices $1.79 billion floating-rate notes due 2025 at Libor plus 110 bps

By Cristal Cody

Tupelo, Miss., May 8 – Verizon Communications Inc. (Baa1/BBB+/A-) priced $1,788,800,000 of seven-year floating-rate notes at par to yield Libor plus 110 basis points on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

Goldman Sachs & Co., Morgan Stanley & Co. LLC, Mizuho Securities USA Inc., ICBC Standard Bank plc, Santander Investment Securities Inc., Great Pacific Securities and Williams Capital Group, LP were the bookrunners.

Proceeds will be used to repurchase a portion of the company's outstanding $2.5 billion of floating-rate notes due 2025, which have an interest rate of Libor plus 137.2 bps that is reset quarterly. The purchase is expected to be completed in the second quarter of 2018.

Verizon is a New York City-based telecommunications company.

Issuer:	Verizon Communications Inc.
Amount:	$1,788,800,000
Description:	Floating-rate notes
Maturity:	May 15, 2025
Bookrunners:	Goldman Sachs & Co., Morgan Stanley & Co. LLC, Mizuho Securities USA Inc., ICBC Standard Bank plc, Santander Investment Securities Inc., Great Pacific Securities and Williams Capital Group, LP
Coupon:	Libor plus 110 bps
Price:	Par
Yield:	Libor plus 110 bps
Call features:	On or after March 15, 2025 at par
Trade date:	May 8
Settlement date:	May 15
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: A-
Distribution:	SEC registered

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