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Verizon exchanging up to $4.25B of debt

Verizon Communications Inc. is offering to exchange up to about $4.25 billion of its outstanding 4.329% notes due 2028 for a like principal amount of virtually identical notes.

The expiration date for the exchange offer was not disclosed.

The company will not receive any cash proceeds from the issuance of the exchange notes in the offer, according to a registration statement filed Sept. 6. The original notes surrendered and exchanged for the exchange notes will be retired and canceled.

Verizon has appointed U.S. Bank NA as the exchange agent.