Verizon Communications Inc. initiated private exchange offers for 18 series of notes through two related transactions.
The first transaction consists of 18 separate private offers to exchange any and all of the outstanding series of notes in exchange for a combination of newly issued Verizon debt securities with an extended maturity date and, for certain specified series, cash. The exchange offers will expire at 5 p.m. ET on Jan. 31.
The company is offering new notes of Verizon due March 15, 2022, in exchange for about $737.1 million of 5.500% notes due 2018, about $752.5 million of 6.100% notes due 2018, about $2.70 billion of 3.650% notes due 2018, about $500 million of 2.550% notes due 2019, about $1 billion of 1.375% notes due 2019, and about $3.30 billion of 2.625% notes due 2020.
The company is offering new Verizon notes due March 15, 2039, in exchange for about $8.52 billion of 5.150% notes due 2023, about $930.3 million of 7.750% notes due 2030, about $217.8 million of 7.750% notes due 2032, and about $1.73 billion of 6.400% notes due 2033. Verizon is also offering new notes due April 15, 2049, for about $1.25 billion of 5.850% notes due 2035, about $636.2 million of 6.250% notes due 2037, about $750.1 million of 6.400% notes due 2038, about $384.1 million of 6.900% notes due 2038, about $290.1 million of 8.950% notes due 2039, about $412.3 million of 7.350% notes due 2039, about $1 billion of 6.000% notes due 2041, and about $4.25 billion of 6.550% notes due 2043.
The settlement date for the exchange offer will promptly follow the offer's expiration date, and is expected to be Feb. 3, the company said Jan. 25.
Further, the second transaction consists of 18 separate offers to purchase for cash any and all of each series of old notes. The cash offers will expire at 5 p.m. ET on Jan. 31.
Global Bondholder Services Corp. will act as the information agent and the exchange agent for the exchange offers and as the information agent and the tender agent for the cash offers.