Outlook 2015: Verizon was one of year’s top transactions

Verizon Communications Inc.’s $13.3 billion exchange offer was omitted from the top deals table of 2014. Details of the exchange are provided below.

Company: Verizon Communications Inc.

Offer: $3.3 billion of new 2.625% notes due 2020 in exchange for $4.25 billion 2.5% notes due 2016 and $4.75 billion 3.65% notes due 2018; $4.5 billion of new 4.862% notes due 2046 for a series of six notes; and up to $5.5 billion of new 5.012% notes due 2054 in exchange for a series of three notes.

Offer details: Verizon priced the 11 separate private offers to exchange debt securities issued by Verizon and indirect wholly owned subsidiary Alltel Corp. for new debt securities issued by Verizon. The offers began on July 23.

Offers ended: Aug. 19

Settlement: Aug. 21

Results: Verizon expected to issue $3,304,145,000 total principal amount of new notes due 2020, $4,500,038,000 total principal amount of new notes due 2046 and $5,500,001,000 total principal amount of new notes due 2054, in satisfaction of the exchange offer consideration on such tendered old notes, according to a company news release.

Dealer managers: Citigroup Global Markets Inc., J.P. Morgan Securities LLC and UBS Securities LLC (leads); Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets, LLC; Barclays Capital Inc., Lloyds Securities Inc., Santander Investment Securities Inc., MFR Securities, Inc., Mischler Financial Group, Inc.; Samuel A. Ramirez & Company, Inc.; PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Williams Capital Group, LP; Morgan Stanley & Co. LLC

Information agent: D.F. King & Co., Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.