Loan & DebtMay 11, 2026, 08:28 AM
Verizon launches debt exchange offers for $945.6M in Old Notes
AI Summary
Verizon Communications Inc. announced the commencement of exchange offers for approximately $945.6 million of outstanding debt securities from its wholly-owned subsidiaries for newly issued Verizon notes. Concurrently, Verizon is soliciting consents to amend the indentures governing the Old Notes to eliminate certain restrictive covenants. Eligible holders tendering Old Notes will also deliver their consent to these amendments. The company also announced separate cash tender offers for 20 series of notes.
Key Highlights
- Verizon launched exchange offers for approximately $945.6 million in Old Notes from subsidiaries.
- The offers include consent solicitations to eliminate restrictive covenants in Old Notes indentures.
- Eligible holders receive $1,000 principal of New Notes for $1,000 Old Notes tendered by Early Participation Date.
- A $1 cash consent payment per $1,000 principal amount of Old Notes is offered for early tenders.
- Early Participation Date is June 1, 2026, and the Expiration Date is June 16, 2026.
- New Notes will have the same economic terms as corresponding Old Notes (maturity, interest rate).
- Concurrent, separate cash tender offers for 20 series of notes were also announced.