Verizon Raises Tender Caps, Accepts $664 Million of Notes Across Five Series; Settlement November 9
Verizon on November 5 announced the expiration and results of its five separate cash tender offers for outstanding notes. The offers expired at 5:00 p.m. New York City time on November 4, and after raising the purchase caps Verizon accepted for purchase an aggregate principal amount of $663,976,000 of notes. Settlement is scheduled for November 9.
The offers, launched on October 29 under an Offer to Purchase, originally targeted up to $500 million in aggregate purchase price across the five series. Verizon increased the Waterfall Cap from $500 million to $500,039,000 and raised the Sub Cap — previously $155 million for three longer-dated series — sufficiently to accept all validly tendered Sub Cap notes at Acceptance Priority Level 1 and approximately $65 million of Level 2 notes; no Level 3 Sub Cap notes were accepted. All Level 4 notes were accepted, and Level 5 notes were accepted on a prorated basis.
By series, the principal amounts accepted were: $265,829,000 of the 3.000% notes due 2060; $64,993,000 of the 3.700% notes due 2061; none of the 2.650% notes due 2040; $207,561,000 of the 2.100% notes due 2028; and $125,593,000 of the 3.150% notes due 2030.
Holders whose notes were accepted will receive the applicable total consideration plus accrued and unpaid interest on the November 9 settlement date. As of the expiration date, all conditions to the offers were deemed satisfied or waived, and withdrawal rights expired at 5:00 p.m. on November 4.
(Source: Verizon)
Source: Verizon
Published by GSM · USA (original Chinese edition)
Photo: Verizon 总部 One Verizon Way（新泽西州 Basking Ridge），Wikimedia Commons，CC BY-SA 4.0
