Verizon Communications Inc. on June 18 reported the expiration and expiration date results of two transactions to repurchase 13 series of its outstanding notes.
The exchange and cash offers expired at 5 p.m. ET June 15. The exchange offer settlement date is expected to be June 21. The new notes will mature Sept. 21, 2028, and will bear interest at a rate per annum equal to 4.329%, which is the sum of 2.899%, the yield of the 2.875% U.S. Treasury Security due May 15, 2028, plus 143 basis points.
Verizon on June 15 reported pricing terms of its private exchange offers for 13 series of notes and related tender offers open to certain investors. The maximum cash amount to be used related to the transaction will be increased from $250 million to an amount sufficient to allow Verizon to purchase all old notes validly tendered, and not validly withdrawn, at or before the cash offer expiration date
Verizon expects that it will issue about $4.3 billion of new notes to pay the total exchange price for the old notes expected to be accepted in the exchange offers. Accordingly, the minimum issue requirement has been satisfied. In addition, Verizon said the cash offer completion condition, the new notes capacity condition, as well as the other conditions to the exchange offers, have been satisfied with respect to all of the exchange offers.