trending Market Intelligence /marketintelligence/en/news-insights/trending/SwOQphhYh_CiE0RDKAaZ7A2 content esgSubNav
In This List

Verizon reports early results of exchange offers for 18 series of notes

Blog

Europe: 5 key OTT trends to watch in 2022

Blog

Broadcast deal market recap 2021

Blog

Price wars in India: Disney+ Hotstar vs. Amazon Prime Video vs. Netflix

Blog

Volume of Investment Research Reports on Inflation Increased in Q4 2021


Verizon reports early results of exchange offers for 18 series of notes

Verizon Communications Inc. reported the extension of early participation date and early results of its private exchange offers and consent solicitations for 18 series of notes.

The early participation date has been extended until 11:59 p.m. ET on Dec. 13, with respect to its previously announced offers, on behalf of certain of its wholly owned subsidiaries, to exchange any and all of the outstanding series of notes for specified series of newly issued debt securities of Verizon; and solicitations of consents, on behalf of such subsidiaries, to the proposed amendments to the indentures governing the old notes.

Accordingly, the extended early participation date will occur at the same time the exchange offers and consent solicitations are scheduled to expire, the company said in an SEC filing. The deadline to validly withdraw tenders of old notes expired with respect to all series of old notes at 5 p.m. ET on Nov. 29.

Further, Verizon reported the early participation results of its separate, previously announced cash tender offers, for its own account and on behalf of certain of its wholly owned subsidiaries, to purchase 31 series of their outstanding notes and consent solicitations for 19 series of outstanding notes, according to a Form 8-K filed Nov. 30.

Consents delivered for a series of old notes in connection with the exchange offers will be cumulated with the consents delivered for such series of old notes in connection with the separate consent solicitations. The exchange offers and consent solicitations will expire at 11:59 p.m. ET on Dec. 13, unless extended or earlier terminated.

Verizon's obligation to accept old notes tendered in the exchange offers and consent solicitations is subject to the terms and conditions described in the offer documents, pursuant to which, at the applicable expiration date, the aggregate principal amount of new notes to be issued on the settlement date pursuant to the exchange offers must be at least $75 million with respect to the new notes due 2022, or $100 million with respect to the new notes due 2029 and the new notes due 2032.

Verizon was advised by Global Bondholder Services Corp., as the information agent and the exchange agent.