Verizon takes in $6.43 million more tenders in offers for 20 series

By Wendy Van Sickle

Columbus, Ohio, Dec. 9 – Verizon Communications Inc. announced the results of its separate cash tender offers for notes from 20 series.

Verizon’s offers to spend up to a total of $850 million to purchase the notes expired at 11:59 p.m. ET on Dec. 6.

The offers had been previously extended from 11:59 p.m. on Nov. 21, and the maximum purchase price had been increased from $500 million.

The aggregate purchase price of notes tendered as of the original expiration time and accepted for purchase was $820,003,841.59, according to a news release.

After the original expiration time, holders tendered and Verizon accepted an additional $6,429,000 of notes, meaning the increased tender cap was not exceeded, Verizon reported on Monday.

Specifically, holders tendered and Verizon has accepted for purchase the following total amounts of notes of each series, with the notes listed in order of acceptance priority level and with the total considerations per $1,000 principal amount of notes:

• $454,000 of the $108,822,000 8.95% notes due 2039 issued by Verizon Communications, an increase of $5,000 from the original expiry, at a price of $1,798.40;

• $15,852,000 of the $156,722,000 8.75% debentures due 2021 issued by GTE LLC, an increase of $81,000 from the original expiry, at $1,128.57;

• $7,134,000 of the $110,604,000 8% debentures due 2022 issued by Verizon New Jersey Inc., an increase of $281,000 from the original expiry, at a price of $1,147.74;

• $59,231,000 of the $117,729,000 7.875% debentures due 2032 issued by Alltell Corp., an increase of $258,000 over the original expiry, at $1,527.81;

• $2,861,000 of the $135,938,000 7.875% debentures due 2029 issued by Verizon New England Inc., up by $483,000 from the original expiry, at $1,453.38;

• $19,485,000 of the $122,499,000 7.875% notes due 2032 issued by Verizon Communications, the same as at the original expiry, at $1,527.81;

• $17,672,000 of the $129,168,000 7.75% notes due 2032 issued by Verizon Communications, up by $42,000 from the original expiry, at $1,513.16;

• $15,369,000 of the $124,092,000 7.375% debentures due 2032 issued by Verizon New York Inc., up by $430,000 from the original expiry, at $1,468.64;

• $9,833,000 of the $153,028,000 7.35% notes due 2039 issued by Verizon Communications, an increase of $10,000 over the original expiration, at $1,571.71;

• $16,228,000 of the $266,066,000 6.94% debentures due 2028 issued by GTE, an increase of $211,000 from the original expiry, at $1,332.57;

• $4,735,000 of the $196.52 million 6.9% notes due 2038 issued by Verizon Communications, an increase of $1,021,000 from the original expiry, at $1,502.06;

• $77,868,000 of the $115,966,000 6.8% debentures due 2029 issued by Alltell, up by $80,000 from the original expiry, at $1,347.64;

• $1,111,000 of the $106,104,000 6.8% notes due 2029 issued by Verizon Communications, identical to the amount at the original expiry, at $1,347.64;

• $56.02 million of the $332,665,000 6.4% notes due 2038 issued by Verizon Communications, up by $176,000 from the original expiry, at $1,432.09;

• $53,011,000 of the $441,613,000 6.4% notes due 2033 issued by Verizon Communications, up by $188,000 from the original expiry, at $1,389.27;

• $18,263,000 of the $293,116,000 6.25% notes due 2037 issued by Verizon Communications, up by $158,000 from the original expiry, at $1,406.74;

• $129,606,000 of the $252,011,000 6% notes due 2041 issued by Verizon Communications, up by $25,000 from the original expiry, at $1,394.05;

• $73,773,000 of the $501,152,000 5.85% notes due 2035 issued by Verizon Communications, up by $631,000 from the original expiry, at $1,347.37;

• $5,996,000 of the $146,491,000 5.125% debentures due 2033 issued by Verizon Maryland LLC, up by $1,348,000 from the original expiration, at $1,244.47; and

• $8,185,000 of the $204,491,000 5.05% notes due 2034 issued by Verizon Communications, up by $821,000 from the original expiration, at $1,235.37.

Pricing was set at 11 a.m. ET on Nov. 21.

Interest accrued to the settlement date will also be paid.

Final settlement is expected on Dec. 10.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-2476), J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) are the lead dealer managers for the offers.

BofA Securities, Inc., Loop Capital Markets LLC, Wells Fargo Securities, LLC, Academy Securities Inc., R. Seelaus & Co., LLC and Williams Capital Group, LP are co-dealer managers.

Global Bondholder Services Corp. (866 470-4300 or 212 430-3774) is the tender and information agent.

Verizon is a New York City-based telecommunications company.

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