Verizon upsizes, gives early exchange results for 17 series of notes

Chicago, Oct. 5 – Verizon Communications Inc. announced the upsizing and early exchange participation results for its two waterfall exchange offers for 17 outstanding series of debt securities, according to a news release.

The offers consist of a short-dated and a long-dated exchange offer.

For the short-dated notes, there was a cap of $2 billion. The cap has been lifted so that all of the short-dated notes will be accepted for exchange.

For the long-dated notes there was a cap on the amount new notes issued. The cap has been increased to $4.5 billion.

The early participation deadline was 5 p.m. ET on Oct. 2.

No further notes will be accepted for purchase after the early purchase date.

Short-dated offer

For the short-dated exchange offer, the company is offering new notes due Oct. 30, 2030, to be priced based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 95 basis points.

The following notes, listed in order of acceptance priority, have been tendered for exchange in the short-dated offer with pricing details given per $1,000 principal amount of existing notes:

• $30,854,000 of the $596,603,000 of 3.45% notes due 2021 (Cusip: 92343VCC6) with pricing to be based on the 0.125% Treasury note due Aug. 31, 2022 plus 5 bps;

• $64,033,000 of the $1,191,927,000 of floating-rate notes due 2022 (Cusip: 92343VDX9) for $1,017 of new notes;

• $375,572,000 of the $3,565,668,000 of 5.15% notes due 2023 (Cusip: 92343VBR4) with pricing to be based on the 0.125% Treasury note due Sept. 15, 2023 plus 30 bps;

• $151,898,000 of the $865,241,000 of 2.946% notes due 2022 (Cusips: 92343VDQ4, 92343VDM3) with pricing to be based on the 0.125% Treasury note due Aug. 31, 2022 plus 5 bps;

• $123,564,000 of the $917,547,000 of 2.45% notes due 2022 (Cusip: 92343VBJ2) with pricing to be based on the 0.125% Treasury note due Aug. 31, 2022 plus 5 bps;

• $58,898,000 of the $669.27 million of 4.15% notes due 2024 (Cusip: 92343VBY9) with pricing to be based on the 0.25% Treasury note due Aug. 31, 2025 plus 25 bps; and

• $242,421,000 of the $1,741,609,000 of 3.5% notes due 2024 (Cusip: 92343VCR3) with pricing to be based on the 0.25% Treasury note due Aug. 31, 2025 plus 25 bps.

In each case, there is a $50 early participation premium.

Accrued interest will be paid in cash.

Long-dated offer

For the long-dated exchange offer, the company is offering a combination of cash and new notes due Oct. 30, 2056 to be priced based on the 1.25% U.S. Treasury note due May 15, 2050 plus 145 bps.

The following amounts of notes have been tendered for exchange, listed in order of acceptance priority, in the long-dated offer with pricing details given per $1,000 principal amount of existing notes:

• $601,465,000 of the $1,201,232,000 of 5.5% notes due 2047 (Cusip: 92343VDV3) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 126 bps and $63 in cash;

• $146,340,000 of the $951,529,000 of 6.55% notes due 2043 (Cusip: 92343VBT0) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 125 bps and $214 in cash;

• $1,468,032,000 of the $2,821,045,000 of 5.25% notes due 2037 (Cusip: 92343VDU5) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 90 bps and $185 in cash;

• $1,606,859,000 of the $2,523,231,000 of 5.012% notes due 2049 (Cusip: 92343VDS0) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 125 bps and $281 in cash;

• $1,259,382,000 of the $2,040,611,000 of 4.672% notes due 2055 (Cusip: 92343VCZ5) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 135 bps and $210 in cash;

• $1,963,330,000 of the $3,891,529,000 of 4.862% notes due 2046 (Cusip: 92343VCK8) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 124 bps and $81 in cash;

• $1,843,548,000 of the $4,116,902,000 of 4.522% notes due 2048 (Cusip: 92343VCX0) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 121 bps and $252 in cash;

• $834,881,000 of the $1,546,295,000 of 4.812% notes due 2039 (Cusip: 92343VDR2) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 101 bps and $178 in cash;

• $326,522,000 of the $1,208,915,000 of 5.012% notes due 2054 (Cusip: 92343VCM4) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 132 bps and $231 in cash; and

• $468.01 million of the $1,136,004,000 of 4.125% notes due 2046 (Cusip: 92343VCD5) with pricing to be based on the 1.25% Treasury note due May 15, 2050 plus 120 bps.

In each case, there is a $50 early participation premium.

Accrued interest will be paid in cash.

Details

Global Bondholder Services Corp. is the information agent and exchange agent (866 470-3800 or 212 430-3774).

Verizon is a New York-based telecommunications company.

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