Verizon in $25 Billion Notes Offering and $25 Billion Credit Facility

March 11, 2021

Cleary Gottlieb is representing longtime client Verizon Communications Inc. (Verizon) in its $25 billion registered notes offering.

Verizon issued $750 million aggregate principal amount of floating-rate notes due 2024, $750 million aggregate principal amount of floating-rate notes due 2026, $1.75 billion of 0.75% notes due 2024, $2.75 billion of 1.45% notes due 2026, $3 billion of 2.1% notes due 2028, $4.25 billion of 2.55% notes due 2031, $3.75 billion of 3.4% notes due 2041, $4.5 billion of 3.55% notes due 2051, and $3.5 billion of 3.7% notes due 2061.

The offering priced on March 11, 2021, and is expected to close on March 22, 2021.

Verizon intends to use the proceeds from the offering for general corporate purposes, which may include the completion of previously announced acquisitions, the acquisition of spectrum licenses, and depending on market and other conditions, the repayment of outstanding indebtedness.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Credit Suisse Securities (USA) LLC are acting as joint bookrunning managers for the offering.

Cleary also recently represented Verizon in a $25 billion delayed draw term loan. The transaction closed on February 24, 2021.