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Verizon discloses results of exchange offers

Verizon Communications Inc. revealed the expiration and expiration date results of its exchange offers and the expiration of its cash offers.

The offers consist of 18 separate private offers to exchange various series of notes in exchange for a combination of newly issued debt securities of Verizon and, for certain series, cash. The exchange offers expired Jan. 31, with the exchange offer settlement date expected to be Feb. 3. Verizon will pay accrued and unpaid interest on old notes to eligible holders to, but not including, the exchange offer settlement date.

The note holders tendered about $82.6 million of 5.500% notes due 2018, $76.9 million of 6.100% notes due 2018; $507.6 million of 3.650% notes due 2018; $156.3 million of 2.550% notes due 2019; $374.7 million of 1.375% notes due 2019; and $1.91 billion of 2.625% notes due 2020.

The note holders also tendered about $708.2 million of 5.150% notes due 2023; $184.2 million of 7.750% notes due 2030; $2.2 million of 7.750% notes due 2032; and $639.5 million of 6.400% notes due 2033.

Further, the note holders tendered roughly $445.8 million of 5.850% notes due 2035; $188.7 million of 6.250% notes due 2037; $228.3 million of 6.400% notes due 2038; $110.7 million of 6.900% notes due 2038; $47.7 million of 8.950% notes due 2039; $224.6 million of 7.350% notes due 2039; $480.0 million of 6.000% notes due 2041; and $1.93 billion of 6.550% notes due 2043.

The principal amount tendered by the expiration date and expected to be accepted do not include the aggregate principal amounts of old notes that may be validly tendered pursuant to guaranteed delivery procedures and not validly withdrawn before the guaranteed delivery date and accepted for exchange, the company said Feb. 1.

Verizon expects to issue about $3.2 billion of new notes due 2022, roughly $1.7 billion aggregate principal amount of new notes due 2039, and roughly $4.1 billion aggregate principal amount of new notes due 2049 as part of the total exchange prices for the old notes expected to be accepted in the exchange offers.

The company said the cash offer completion condition along with certain customary conditions to the exchange offers have been satisfied.