Verizon Communications Inc. commenced five separate offers to buy any and all of five outstanding series of notes for cash.
The offers will expire at 4:00 a.m. ET on Oct. 24. The settlement date is expected to be on the third business day preceding the expiration date, which would be Oct. 27.
The company is offering to purchase, in order of priority, €1.75 billion of its 2.375% notes due 2022; €1.0 billion of its 0.500% notes due 2022; and €1.40 billion of 1.625% its notes due 2024, under its Euro offers. Verizon is also offering, in order of priority, £850 million of its 4.750% notes due 2034 and £694.8 million of its 4.073% notes due 2024, under its British Pound offers.
The consideration for each €1,000 or £1,000, as applicable, principal amount of notes validly tendered and accepted for purchase will be payable in cash and will be equal to the price as determined at 9:00 a.m. ET on Oct. 23. Verizon will disclose the applicable total consideration for each series of notes after the price determination date.
Along with the applicable total consideration, holders whose notes are accepted for purchase will receive a cash payment equal to accrued and unpaid interest on such notes, from and including the immediately preceding interest payment date for such notes to, but excluding, the applicable settlement date. Interest will cease to accrue on the settlement date for all notes accepted.
Verizon's obligation to complete the offers is contingent upon the satisfaction or waiver of certain conditions, the company said Oct. 16.
Barclays Bank PLC, Credit Suisse Securities (Europe) Ltd. and Deutsche Bank AG, London Branch, are serving as the dealer managers for the offers.