Loan & DebtMay 11, 2026, 08:28 AM
Verizon Launches Debt Tender Offers for up to $1.25B
AI Summary
Verizon Communications Inc. announced 20 separate cash tender offers for its debt securities. This includes "Any and All Notes" and "Waterfall Notes" with an aggregate purchase price cap of $1.25 billion for the latter. Concurrently, Verizon is soliciting consents to amend indentures governing the "Any and All Notes" to eliminate certain restrictive covenants. The offers aim to manage the company's debt portfolio.
Key Highlights
- Verizon launched 20 separate cash tender offers for its debt securities.
- Offers include "Any and All Notes" and "Waterfall Notes" with a $1.25 billion cap for the latter.
- Concurrent consent solicitations aim to amend indentures for "Any and All Notes" to eliminate restrictive covenants.
- Holders tendering Any and All Notes are deemed to deliver consent to proposed amendments.
- Early Participation Date for Total Consideration is June 1, 2026.
- Tender Offers and Consent Solicitations expire on June 16, 2026.
- Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo are lead dealer managers.