VZ - Verizon announces accepted amounts and pricing terms of its tender offers for five series of its debt securities | Benzinga
NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Verizon Communications Inc. ("Verizon") ((NYSE, NASDAQ:VZ) today announced the accepted amounts and pricing terms of its previously announced five separate offers to purchase the outstanding series of debt securities listed in the table below (collectively, the "Notes") up to an aggregate principal amount of €1,981,215,000 (the "Maximum Principal Amount"). We refer to each offer to purchase a series of debt securities for cash as an "Offer" and collectively as the "Offers." The Offers are made on the terms and subject to the conditions set forth in the Offer to Purchase dated February 14, 2024, as amended by Verizon's press release announcing the cap increase and early participation results of the Offers, dated February 29, 2024 (the "Offer to Purchase").
The "Early Participation Date" was 4:00 p.m. (London time) on February 28, 2024. Withdrawal rights for the Offers expired at 4:00 p.m. (London time) on February 28, 2024. The Offers will each expire at 4:00 p.m. (London time) on March 14, 2024, unless extended by Verizon.
As previously announced all conditions to the Offers were deemed satisfied by Verizon by the Early Participation Date, or were timely waived by Verizon.
The Notes tendered and not validly withdrawn at or prior to the Early Participation Date that have been accepted for purchase are indicated in the table below. Verizon will settle all Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date and accepted for purchase, on March 4, 2024 (the "Early Settlement Date"). Because the amount of Notes validly tendered at or prior to the Early Participation Date reached the Maximum Principal Amount, there will be no Final Settlement Date (as defined in the Offer to Purchase) and no Notes tendered after the Early Participation Date will be accepted for purchase. All tendered Notes that are not accepted for purchase will be promptly returned to the tendering holder.
The table below indicates, among other things, with respect to each series of Notes validly tendered at or prior to the Early Participation Date and accepted for purchase, (1) the aggregate principal amount of the Notes of each series tendered in each Offer, (2) the aggregate principal amount of the Notes of each series accepted in each Offer, (3) the Offer Yield (as defined below), as applicable and (4) the total consideration for each €1,000 principal amount of each series of Notes (the "Total Consideration"), as calculated at 2:00 p.m. (London time) today, February 29, 2024 in accordance with the terms of the Offer to Purchase:
| Acceptance Priority Level |
| ISIN / Common Code |
| Title of Security |
| Principal Amount Outstanding |
| Principal Amount Tendered as of the Early Participation Date |
| Principal Amount Accepted for Purchase |
| Fixed Spread (basis points) |
| Offer Yield(1) |
| Total Consideration(2) |
| 1 |
| XS1405766897 / 140576689 |
| 0.875% Notes due 2025 |
| €1,000,000,000 |
| €252,525,000 |
| €252,525,000 |
| -10 |