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Verizon exchanging up to $4.02B of debt

Verizon Communications Inc. is offering to exchange up to about $4.02 billion of its outstanding 3.376% notes due 2025 for a like principal amount of virtually identical notes.

The expiration date for the exchange offer was not disclosed. Verizon will not receive any cash proceeds from the issuance of the exchange notes in the exchange offer, according to a registration statement filed Dec. 8.

The original notes surrendered and exchanged for the exchange notes will be retired and canceled.

U.S. Bank NA is serving as the exchange agent for the exchange offer.