PR Newswire
NEW YORK, Feb. 3, 2017
NEW YORK, Feb. 3, 2017 /PRNewswire/ -- Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced the final results of its Exchange Offers (as defined below) and its Cash Offers (as defined below).
Exchange Offers
The first transaction consisted of 18 separate private offers to exchange (the "Exchange Offers") any and all of the outstanding series of notes listed below under the heading Exchange Offers (collectively, the "Old Notes") in exchange for a combination of newly issued debt securities of Verizon (the "New Notes") and, for certain specified series, cash, on the terms and subject to the conditions set forth in the Offering Memorandum dated January 25, 2017 (the "Offering Memorandum" and, together with the accompanying exchange offer notice of guaranteed delivery, the "Exchange Offer Documents").
The Exchange Offers expired at 5:00 p.m. (Eastern time) on January 31, 2017 and are expected to settle today, February 3, 2017.
On the terms and subject to the conditions set forth in the Offering Memorandum, the tables below provide the aggregate principal amount of each series of Old Notes validly tendered and not validly withdrawn (including pursuant to guaranteed delivery procedures) and the aggregate principal amount of each series of Old Notes that Verizon accepted in connection with Verizon's offers to:
(i) exchange (the "2022 Exchange Offers") any and all of its outstanding notes listed below for 2.946% Notes due 2022 of Verizon (the "New Notes due 2022") and, if applicable, cash:
CUSIP | | Title of Security | | Principal | | Principal Amount Validly | |
92343VAL8 | | 5.500% notes due 2018 | | $737,058,000 | | $82,642,000 | |
92343VAM6 | | 6.100% notes due 2018 | | $752,516,000 | | $76,971,000 | |
92343VBP8 | | 3.650% notes due 2018 | | $2,698,070,000 | | $508,271,000 | |
92343VCB8 | | 2.550% notes due 2019 | | $500,000,000 | | $154,297,000 | |
92343VDF8 | | 1.375% notes due 2019 | | $1,000,000,000 | | $375,445,000 | |
92343VCH5 | | 2.625% notes due 2020 | | $3,304,145,000 | | $1,925,459,000 | |
(ii) exchange (the "2039 Exchange Offers") any and all of its outstanding notes listed below for 4.812% Notes due 2039 of Verizon (the "New Notes due 2039") and, if applicable, cash:
CUSIP | | Title of Security | | Principal | | Principal Amount Validly | |
| | | | ||||
92343VBR4 | | 5.150% notes due 2023 | | $8,516,519,000 | | $715,231,000 | |
92344GAM8/92344GAC0 | | 7.750% notes due 2030 | | $930,260,000 | | $184,199,000 | |
92344GAS5 | | 7.750% notes due 2032 | | $217,822,000 | | $2,204,000 | |
92343VBS2 | | 6.400% notes due 2033 | | $1,729,489,000 | | $640,356,000 | |
(iii) exchange (the "2049 Exchange Offers") any and all of its outstanding notes listed below for 5.012% Notes due 2049 of Verizon (the "New Notes due 2049") and, if applicable, cash:
CUSIP | | Title of Security | | Principal | | Principal Amount Validly | |
| | | | ||||
92344GAX4 | | 5.850% notes due 2035 | | $1,250,414,000 | | $446,719,000 | |
92343VAF1 | | 6.250% notes due 2037 | | $636,164,000 | | $188,682,000 | |
92343VAK0 | | 6.400% notes due 2038 | | $750,121,000 | | $228,296,000 | |
92343VAP9 | | 6.900% notes due 2038 | | $384,147,000 | | $110,686,000 | |
92343VAR5 | | 8.950% notes due 2039 | | $290,083,000 | | $47,654,000 | |
92343VAU8 | | 7.350% notes due 2039 | | $412,283,000 | | $225,435,000 | |
92343VAW4 | | 6.000% notes due 2041 | | $1,000,000,000 | | $479,992,000 | |
92343VBT0 | | 6.550% notes due 2043 | | $4,245,055,000 | | $1,933,248,000 | |
On the terms and subject to the conditions set forth in the Offering Memorandum, Verizon issued $3,194,253,000 aggregate principal amount of New Notes due 2022, $1,706,360,000 aggregate principal amount of New Notes due 2039 and $4,072,197,000 aggregate principal amount of New Notes due 2049, as part of the Total Exchange Prices (as defined in the Offering Memorandum) for the Old Notes accepted in the Exchange Offers. Verizon did not receive any cash proceeds from the Exchange Offers.
The New Notes have not been registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. Verizon has entered into a registration rights agreement with respect to the New Notes.
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