Verizon lifts cap to accept four of 15 series at early tender deadline

Chicago, Nov. 9 – Verizon Communications Inc. announced the early participation results from its capped waterfall tender offer for 15 series of notes, according to a press release on Tuesday.

The company was offering to buy up to a total cash amount of $4 billion of the notes (excluding interest), but it has increased the cap to about $4.8 billion so that it can accept all of the notes tendered from the first four series.

No notes after priority level four will be accepted for purchase.

Because the offer is oversubscribed and the cap has already been lifted, no notes will be accepted for purchase after the early deadline.

There will not be a final settlement date.

The results from the tender offer at the early deadline at 5 p.m. ET on Nov. 8 are the following, with the notes listed in acceptance priority order:

• $294,851,000, or 26.28%, tendered of the $1,121,969,000 of 5.012% notes due 2054 (Cusip: 92343VCM4) with pricing to be based on the 2.375% Treasury note due May 15, 2051 plus 115 basis points;

• $836,185,000, or 49.54%, tendered of the $1,687,975,000 of 4.672% notes due 2055 (Cusip: 92343VCZ5) with pricing to be based on the 2.375% Treasury note due May 15, 2051 plus 118 bps;

• $320,019,000, or 30.65%, tendered of the $1,044,017,000 of 5.012% notes due 2049 (Cusip: 92343VDS0) with pricing to be based on the 2.375% Treasury note due May 15, 2051 plus 110 bps;

• $2,235,116,000, or 61.08%, tendered of the $3,659,599,000 of 4.522% notes due 2048 (Cusip: 92343VCX0) with pricing to be based on the 2.375% Treasury note due May 15, 2051 plus 110 bps;

• $1,576,705,000, or 44.97%, tendered of the $3,505,989,000 of 4.862% notes due 2046 (Cusip: 92343VCK8) with pricing to be based on the 2.375% Treasury note due May 15, 2051 plus 109 bps;

• $113,787,000, or 20.10%, tendered of the $566,109,000 of 5.5% notes due 2047 (Cusip: 92343VDV3) with pricing to be based on the 2.375% Treasury note due May 15, 2051 plus 111 bps;

• $54,617,000, or 6.78%, tendered of the $805,189,000 of 6.55% notes due 2043 (Cusip: 92343VBT0) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 125 bps;

• $254,705,000, or 41.48%, tendered of the $614,071,000 of 4.75% notes due 2041 (Cusip: 92343VBE3) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 111 bps;

• $478,889,000, or 53.66%, tendered of the $892,453,000 of 3.85% notes due 2042 (Cusip: 92343VBG8) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 103 bps;

• $84,723,000, or 30.63%, tendered of the $276,645,000 of 6.4% notes due 2038 (Cusip: 92343VAK0) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 115 bps;

• $21,611,000, or 7.86%, tendered of the $274,853,000 of 6.25% notes due 2037 (Cusip: 92343VAF1) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 115 bps;

• $408,337,000, or 30.25%, tendered of the $1,349,758,000 of 5.25% notes due 2037 (Cusip: 92343VDU5) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 78 bps;

• $585,311,000, or 40.79%, tendered of the $1,434,838,000 of 4.812% notes due 2039 (Cusip: 92343VDR2) with pricing to be based on the 1.75% Treasury note due Aug. 15, 2041 plus 95 bps;

• $24,236,000, or 5.67%, tendered of the $427,379,000 of 5.85% notes due 2035 (Cusip: 92344GAX4) with pricing to be based on the 1.25% Treasury note due Aug. 15, 2031 plus 132 bps; and

• $374,909,000, or 14.66%, tendered of the $2,556,699,000 of 4.272% notes due 2036 (Cusip: 92343VCV4) with pricing to be based on the 1.25% Treasury note due Aug. 15, 2031 plus 125 bps.

In each case, there is a $50 early participation premium payable in addition to the total consideration for noteholders tendering by the early deadline.

Early settlement is expected two business days after the early deadline.

Pricing will be determined at 9 a.m. ET on Nov. 9.

The offer was set to expire at 5 p.m. ET on Nov. 24.

BNP Paribas Securities Corp. (888 210-4358 or 212 841-3059), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Goldman Sachs & Co. LLC (800 828-3182 or 212 357-1452) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756) are acting as lead dealer managers for the offers.

Acting as co-dealer managers are Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., CastleOak Securities, L.P., MFR Securities, Inc. and Tigress Financial Partners, LLC.

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

Verizon is a New York-based telecommunications company.

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