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Verizon reports increase in waterfall cap, early settlement for tender offers


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Verizon reports increase in waterfall cap, early settlement for tender offers

Verizon Communications Inc. on March 19 reported an increase in the waterfall cap in connection with certain debt offers.

The group 1 waterfall cap will be increased such that all of the 2.946% notes due 2022 validly tendered and not validly withdrawn at or before the early participation date will be accepted.

The company also reported the early participation results, as of 5 p.m. ET on March 16 of its 13 separate offers to purchase for cash up to an aggregate purchase price equal to the group 1 waterfall cap of the outstanding series of notes, and up to $1.5 billion of the outstanding series of notes labeled group 2 offers.

The withdrawal rights for the offers expired at 5 p.m. ET on March 16. The offers will each expire at 11:59 p.m. ET on March 30, unless extended or earlier terminated.

Verizon has retained Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC to act as lead dealer managers for the offers. Credit Suisse Securities (USA) LLC, Loop Capital Markets LLC, Mizuho Securities USA LLC, CastleOak Securities LP, Samuel A. Ramirez & Co. Inc., Siebert Cisneros Shank & Co. LLC and The Williams Capital Group LP will act as co-dealer managers for the offers.

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