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Verizon raises cash cap for private tender, exchange offers

Verizon Communications Inc. raised the maximum it will pay in cash related to private tender and exchange offers for 17 series of notes to $3 billion from $2 billion.

As previously announced, Verizon is offering, for its own account and on behalf of its wholly owned subsidiary, GTE LLC, to purchase certain outstanding series of notes for cash or newly issued debt securities of Verizon.

Also, Verizon priced new issuances of debt securities expected to provide gross proceeds of about $3.94 billion. The early participation date and the withdrawal date is 5 p.m. ET on Aug. 11, while the expiration date is 11:59 p.m. ET on Aug. 25.

Global Bondholder Services Corp. is acting as the information agent and the tender agent for the offers.