Verizon Communications Inc. has announced the pricing terms of its private exchange offers for 10 series of notes and related tender offers, which are open to certain investors. The exchange offers will expire at 5:00 p.m. (Eastern Time) today, June 18, 2025, with the exchange offer settlement date expected to be June 25, 2025.
The table below shows the applicable exchange offer yield and total exchange price for each series of old notes, as calculated at 11:00 a.m. (Eastern Time) today, June 18, 2025.
Acceptance Priority Level | Title of Security | CUSIP Number(s) | Reference U.S. Treasury Security | Yield of Reference U.S. Treasury Security | Fixed Spread (Basis Points) | Total Exchange Price | Fixed Rate Note Exchange Offer Yield 1.450% notes due 2026 | 92343VGG3 | 4.625% due March 15, 2026 | 4.225% | +0 | $980.07 | 4.225% Floating rate notes due 2026 | 92343VGE8 | N/A | N/A | N/A | N/A | $1,006.00 | N/A 4.125% notes due 2027 | 92343VDY7 | 3.875% due May 31, 2027 | 3.929% | +15 | $1,000.71 | 4.079% 3.000% notes due 2027 | 92343VFF6 | 3.875% due May 31, 2027 | 3.929% | +15 | $982.00 | 4.079% 4.329% notes due 2028 | 92343VER1/92343VEQ3/U9221ABK3 | 3.875% due June 15, 2028 | 3.869% | +20 | $1,007.76 | 4.069% 2.100% notes due 2028 | 92343VGH1 | 3.875% due June 15, 2028 | 3.869% | +15 | $950.62 | 4.019% 4.016% notes due 2029 | 92343VEU4/92343VET7/U9221ABL1 | 4.000% due May 31, 2030 | 3.952% | +30 | $990.52 | 4.252% 3.150% notes due 2030 | 92343VFE9 | 4.000% due May 31, 2030 | 3.952% | +35 | $951.02 | 4.302% 1.680% notes due 2030 | 92343VFX7/92343VFN9/U9221ABS6 | 4.000% due May 31, 2030 | 3.952% | +55 | $867.19 | 4.502% 7.750% notes due 2030 | 92344GAM8/92344GAC0 | 4.000% due May 31, 2030 | 3.952% | +60 | $1,152.36 | 4.552%
The new notes to be issued by Verizon pursuant to the exchange offers will mature on July 2, 2037, with an interest rate of 5.401%.
Verizon has specified a $2.5 billion cap on the maximum aggregate principal amount of new notes that it will issue in all of the exchange offers, with a minimum issue requirement of $750 million.
Furthermore, Verizon’s obligation to accept any series of old notes tendered in the exchange offers is subject to the satisfaction of certain conditions, including the new notes capacity condition and the cash offer completion condition.
Global Bondholder Services Corporation is acting as the information agent and the exchange agent for the exchange offers. For additional information or assistance, parties may contact Global Bondholder Services Corporation at (212) 430-3774.
Verizon has not registered the new notes under the Securities Act or any state securities laws, and the new notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
These pricing terms provide detailed insights into Verizon’s private exchange offers and related tender offers, showcasing the specific metrics and changes since the last reporting period. As a result of these announcements, the company's shares have moved -0.43% on the market, and are now trading at a price of $41.67. For more information, read the company's full 8-K submission here.
