NEW YORK, March 20, 2017 /PRNewswire/ -- Verizon
Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced
the results of its 30 separate offers to purchase for cash (the
"Offers") any and all of the outstanding series of notes listed
below (collectively, the "Notes"), on the terms and subject to the
conditions set forth in the Offer to Purchase dated March 13, 2017 (the "Offer to Purchase" and,
together with the accompanying letter of transmittal and notice of
guaranteed delivery, the "Offer Documents").
The Offers expired at 5:00 p.m. (Eastern
time) on March 17, 2017 (the
"Expiration Date").
Verizon was advised by Global Bondholder Services Corporation,
as the Information Agent and the Tender Agent, that as of the
Expiration Date, the aggregate principal amounts of the Notes
specified in the table below were validly tendered and not validly
withdrawn (including the principal amount of each series of Notes
for which notices of guaranteed delivery were delivered). The table
below provides the aggregate principal amount of each series of
Notes that Verizon accepted on the terms and subject to the
conditions set forth in the Offer Documents:
CUSIP
Number
|
Issuer
|
Title of
Security
|
Principal
Amount
Outstanding
|
Principal
Amount
Tendered(1)
|
Principal
Amount
Accepted
|
Aggregate
Total
Consideration
and Accrued and
Unpaid Interest
|
92343VAR5
|
Verizon
Communications Inc.
|
8.950% Notes due
2039
|
$242,419,000
|
$130,429,000
|
$130,429,000
|
$201,108,946.07
|
92344XAB5
|
Verizon New York
Inc.
|
7.375% Debentures due
2032
|
$243,526,000
|
$38,501,000
|
$38,501,000
|
$50,825,999.02
|
92344GAS5
|
Verizon
Communications Inc.
|
7.750% Notes due
2032
|
$215,316,000
|
$36,551,000
|
$36,551,000
|
$49,787,264.39
|
92343VBT0
|
Verizon
Communications Inc.
|
6.550% Notes due
2043
|
$2,266,003,000
|
$847,162,000
|
$847,162,000
|
$1,051,124,487.55
|
92343VBS2
|
Verizon
Communications Inc.
|
6.400% Notes due
2033
|
$1,082,691,000
|
$
612,031,000
|
$
612,031,000
|
$745,293,949.84
|
078167BA0
|
Verizon Pennsylvania
LLC
|
8.750% Debentures due
2031
|
$53,232,000
|
$17,106,000
|
$17,106,000
|
$24,544,320.72
|
252759AM7
|
Verizon Delaware
LLC
|
8.625% Debentures due
2031
|
$10,391,000
|
$8,010,000
|
$8,010,000
|
$11,645,221.69
|
165069AQ8
|
Verizon Maryland
LLC
|
8.300% Debentures due
2031
|
$23,566,000
|
$1,822,000
|
$1,822,000
|
$2,532,666.03
|
078167AZ6
|
Verizon Pennsylvania
LLC
|
8.350% Debentures due
2030
|
$47,631,000
|
$15,805,000
|
$15,805,000
|
$22,228,226.62
|
165087AL1
|
Verizon Virginia
LLC
|
8.375% Debentures due
2029
|
$18,620,000
|
$9,403,000
|
$9,403,000
|
$13,228,948.80
|
165069AP0
|
Verizon Maryland
LLC
|
8.000% Debentures due
2029
|
$28,431,000
|
$712,000
|
$712,000
|
$973,413.95
|
644239AY1
|
Verizon New England
Inc.
|
7.875% Debentures due
2029
|
$173,144,000
|
$26,042,000
|
$26,042,000
|
$35,148,724.67
|
645767AW4
|
Verizon New Jersey
Inc.
|
7.850% Debentures due
2029
|
$86,262,000
|
$7,708,000
|
$7,708,000
|
$10,384,348.17
|
650094CJ2
|
Verizon New York
Inc.
|
6.500% Debentures due
2028
|
$71,654,000
|
$1,142,000
|
$1,142,000
|
$1,376,356.77
|
07786DAA4
|
Verizon Pennsylvania
LLC
|
6.000% Debentures due
2028
|
$68,495,000
|
$11,157,000
|
$11,157,000
|
$12,918,206.81
|
92343VAU8
|
Verizon
Communications Inc.
|
7.350% Notes due
2039
|
$185,926,000
|
$27,313,000
|
$27,313,000
|
$37,121,212.12
|
92343VAP9
|
Verizon
Communications Inc.
|
6.900% Notes due
2038
|
$269,719,000
|
$49,565,000
|
$49,565,000
|
$64,583,112.37
|
92344GAM8/
92344GAC0
|
Verizon
Communications Inc.
|
7.750% Notes due
2030
|
$742,491,000
|
$159,635,000
|
$159,635,000
|
$223,888,930.03
|
165087AN7
|
Verizon Virginia
LLC
|
7.875% Debentures due
2022
|
$56,648,000
|
$238,000
|
$238,000
|
$290,495.36
|
362320AT0
|
GTE LLC
|
8.750% Debentures due
2021
|
$206,824,000
|
$13,747,000
|
$13,747,000
|
$17,514,567.71
|
645767AY0
|
Verizon New Jersey
Inc.
|
8.000% Debentures due
2022
|
$146,292,000
|
$25,038,000
|
$25,038,000
|
$31,332,108.07
|
92344WAB7
|
Verizon Maryland
LLC
|
5.125% Debentures due
2033
|
$179,209,000
|
$14,682,000
|
$14,682,000
|
$15,806,410.80
|
92343VAK0
|
Verizon
Communications Inc.
|
6.400% Notes due
2038
|
$515,425,000
|
$117,991,000
|
$117,991,000
|
$143,103,286.70
|
362320BA0
|
GTE LLC
|
6.940% Debentures due
2028
|
$413,217,000
|
$85,402,000
|
$85,402,000
|
$111,074,742.71
|
92343VAF1
|
Verizon
Communications Inc.
|
6.250% Notes due
2037
|
$442,796,000
|
$103,568,000
|
$103,568,000
|
$126,239,064.00
|
92344GAX4
|
Verizon
Communications Inc.
|
5.850% Notes due
2035
|
$799,622,000
|
$250,401,000
|
$250,401,000
|
$288,612,818.76
|
92343VAW4
|
Verizon
Communications Inc.
|
6.000% Notes due
2041
|
$500,204,000
|
$208,782,000
|
$208,782,000
|
$246,236,794.87
|
362320AZ6
|
GTE LLC
|
6.840% Debentures due
2018
|
$332,155,000
|
$38,034,000
|
$38,034,000
|
$41,294,274.48
|
92343VAM6
|
Verizon
Communications Inc.
|
6.100% Notes due
2018
|
$666,524,000
|
$152,493,000
|
$152,493,000
|
$163,886,345.33
|
92343VAL8
|
Verizon
Communications Inc.
|
5.500% Notes due
2018
|
$646,017,000
|
$113,049,000
|
$113,049,000
|
$117,837,441.55
|
|
_______________________
|
(1)
|
The amounts include
the principal amount of Notes for which Verizon has received
notices of guaranteed delivery. Such amounts remain subject to the
guaranteed delivery procedures. Notes tendered pursuant to the
guaranteed delivery procedures are required to be tendered at or
prior to 5:00 p.m. (Eastern time) on March 21, 2017.
|
Verizon's obligation to accept Notes tendered in the Offers was
subject to the satisfaction of certain conditions described in the
Offer Documents, including the Financing Condition (as defined in
the Offer to Purchase).
The Financing Condition and the other customary conditions to
the Offers have been satisfied, and Verizon accepted for payment
all Notes of each series validly tendered and not validly withdrawn
at or prior to the Expiration Date (including the Notes for which
notices of guaranteed delivery have been delivered).
Payment of the required cash amounts for any Notes accepted will
be made today, March 20, 2017 (the
"Settlement Date"), except with respect to Notes validly tendered
and not validly withdrawn and delivered pursuant to the guaranteed
delivery procedures after 5:00 p.m. (Eastern
time) on March 17, 2017 and at
or prior to 5:00 p.m. (Eastern time)
on March 21, 2017, which are expected
to be settled on Wednesday, March 22,
2017. In addition to the applicable Total
Consideration (as defined in the Offer to Purchase), holders whose
Notes are accepted for purchase will be paid accrued and unpaid
interest on such Notes to, but not including, the Settlement
Date. The aggregate amount of Total Consideration and accrued
and unpaid interest payable for each $1,000 principal amount of each series of Notes
is set forth in the table above. Interest will cease to
accrue on the Settlement Date for all Notes accepted, including
those tendered through the guaranteed delivery procedures.
Verizon retained Barclays Capital Inc., BofA Merrill Lynch,
Morgan Stanley & Co. LLC and RBC Capital Markets, LLC to act as
lead dealer managers (together, the "Lead Dealer Managers") for the
Offers and Deutsche Bank Securities Inc., Loop Capital Markets LLC,
Mizuho Securities USA Inc., MUFG
Securities Americas Inc. and UBS Securities LLC to act as the
Co-Dealer Managers in connection with the Offers. Questions
regarding terms and conditions of the Offers should be directed to
Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212)
528-7581 (collect), BofA Merrill Lynch at (888) 292-0070
(toll-free) or (980) 387-3907 (collect), Morgan Stanley & Co.
LLC at (800) 624-1808 (toll-free) or (212) 761-1057 (collect), or
RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212)
618-7822 (collect).
Global Bondholder Services Corporation acted as the Information
Agent and the Tender Agent for the Offers. Questions or
requests for assistance related to the Offers or for additional
copies of the Offer Documents may be directed to Global Bondholder
Services Corporation at (866) 470-3800 (toll-free) or (212)
430-3774 (collect). You may also contact your broker, dealer,
commercial bank, trust company or other nominee for assistance
concerning the Offers. The Offer Documents can be accessed at
the following link http://www.gbsc-usa.com/Verizon/.
This announcement is for informational purposes only. This
announcement is not an offer to purchase or a solicitation of an
offer to purchase any Notes.
Cautionary Statement Regarding Forward-Looking
Statements
In this communication we have made forward-looking statements.
These forward-looking statements are not historical facts, but only
predictions and generally can be identified by use of statements
that include phrases such as "will," "may," "should," "continue,"
"anticipate," "believe," "expect," "plan," "appear," "project,"
"estimate," "intend," or other words or phrases of similar import.
Similarly, statements that describe our objectives, plans or goals
also are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those currently
anticipated. Factors that could materially affect these
forward-looking statements can be found in our periodic reports
filed with the SEC. Eligible holders are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements included in this press
release are made only as of the date of this press release, and we
undertake no obligation to update publicly these forward-looking
statements to reflect new information, future events or otherwise.
In light of these risks, uncertainties and assumptions, the
forward-looking events might or might not occur. We cannot assure
you that projected results or events will be achieved.
Media contact:
Bob Varettoni
908-559-6388
robert.a.varettoni@verizon.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/verizon-announces-results-of-its-tender-offers-for-30-series-of-notes-of-verizon-and-certain-of-its-subsidiaries-300425906.html
SOURCE Verizon