Verizon's Exchange Offers Expire with $161.39M Accepted

By Hao Liu • Wednesday, June 17 13:01 • Permanent Link

Verizon said its exchange offers and consent solicitations for 11 series of notes expired June 16 with holders tendering about $161.39 million of principal across the targeted debt, based on the amounts accepted for exchange.

The largest acceptances came in the higher-bonded tranches: Verizon New England’s 7.875% debentures due 2029 had $69.235 million accepted, equal to 52.03% of the $133.077 million outstanding. Alltel’s 7.875% senior notes due 2032 saw $32.064 million accepted, or 57.41% of the $55.847 million outstanding. Verizon Maryland’s 5.125% debentures due 2033 had $19.555 million accepted, 14.06% of the $139.085 million outstanding.

Other notable participation included Verizon Delaware’s 8.625% debentures due 2031, where $2.045 million was accepted out of $2.381 million outstanding, an 85.89% take-up rate, the highest in the group. Verizon Virginia’s 8.375% debentures due 2029 had $3.595 million accepted, or 39.98% of the $8.993 million outstanding. Verizon Maryland’s 8.300% debentures due 2031 saw $6.346 million accepted, 30.06% of the $21.111 million outstanding.

Among the smaller acceptances, Frontier Florida’s 6.860% debentures due 2028 had $2.903 million accepted, 1.03% of $282.289 million outstanding, while Frontier North’s 6.730% debentures due 2028 had $8.404 million accepted, 4.20% of $200 million outstanding. Alltel’s 6.800% debentures due 2029 had $600,000 accepted, 1.57% of $38.098 million outstanding.

Verizon said the requisite consents were received for six series: Frontier Florida’s 6.860% debentures due 2028, Frontier North’s 6.730% debentures due 2028, Verizon Virginia’s 8.375% debentures due 2029, Verizon Maryland’s 8.375% debentures due 2029, Verizon Maryland’s 7.875% debentures due 2029, and Verizon’s 7.875% senior notes due 2032.

The company said all conditions were satisfied or waived and that accepted notes will settle June 22, 2026. The market has reacted to these announcements by moving the company's shares -1.76% to a price of $45.905. If you want to know more, read the company's complete 8-K report here.

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