Verizon Communications Inc (NYSE:VZ) has announced the expiration and final results of its private exchange offers and consent solicitations for 11 series of notes. It has also reported the final results of separate cash tender offers and related consent solicitations for 20 series of outstanding notes, including the Old Notes.
The exchange offers and consent solicitations expired at 5:00 p.m. New York City time on 16 June 2026. Verizon said all conditions to the exchange offers and consent solicitations were deemed satisfied or waived as of the expiration date.
The company said it accepted all Old Notes validly tendered and not validly withdrawn by the deadline. Consents delivered for a series of Old Notes in connection with the exchange offers were combined with consents delivered for the same series in the separate consent solicitations.
Verizon said the requisite consents to effect the proposed amendments were received for the 6.860% Debentures due 2028, 6.730% Debentures, Series G due 2028, 8.375% Debentures due 2029, 7.875% Debentures due 2029, 8.625% Debentures due 2031 and 7.875% Senior Notes due 2032.
The company said eligible holders whose Old Notes were accepted for exchange will receive the previously announced total consideration on 22 June 2026. The total consideration includes the early participation payment and the separate cash consent payment.
Verizon said each series of new notes will have the same economic terms as the corresponding series of Old Notes, including maturity date, interest rate and interest payment dates. The new notes will not be registered under the Securities Act of 1933 or any state securities laws, and Verizon will enter into a registration rights agreement for the new notes on the settlement date.
| Series of Old Notes | Principal amount outstanding | Accepted for exchange | Accepted as % |
|---|---|---|---|
| 6.860% Debentures due 2028 | $282,289,000 | $2,903,000 | 1.03% |
| 6.730% Debentures, Series G due 2028 | $200,000,000 | $8,404,000 | 4.20% |
| 6.800% Debentures due 2029 | $38,098,000 | $600,000 | 1.57% |
| 8.375% Debentures due 2029 | $8,993,000 | $3,595,000 | 39.98% |
| 8.000% Debentures due 2029 | $19,981,000 | $4,875,000 | 24.40% |
| 7.850% Debentures due 2029 | $44,704,000 | $11,770,000 | 26.33% |
| 7.875% Debentures due 2029 | $133,077,000 | $69,235,000 | 52.03% |
| 8.300% Debentures due 2031 | $21,111,000 | $6,346,000 | 30.06% |
| 8.625% Debentures due 2031 | $2,381,000 | $2,045,000 | 85.89% |
| 7.875% Senior Notes due 2032 | $55,847,000 | $32,064,000 | 57.41% |
| 5.125% Debentures due 2033 | $139,085,000 | $19,555,000 | 14.06% |
Verizon said the new notes are available only to eligible holders, being qualified institutional buyers or non-U.S. persons outside the United States who are non-U.S. qualified offerees. Global Bondholder Services Corporation acted as exchange agent and information agent for the exchange offers and consent solicitations.