Verizon in Concurrent €2.75 Billion and A$1.25 Billion Notes Offerings
March 16, 2021
Cleary Gottlieb is representing longtime client Verizon Communications Inc. (Verizon) in a €2.75 billion registered public notes offering, concurrently with a A$1.25 billion Regulation S notes offering, both of which follow Verizon’s $25 billion registered public notes offering, which priced on March 11, 2021, and is expected to close on March 22, 2021.
Verizon issued €1 billion of 0.375% notes due 2029, €1 billion of 0.750% notes due 2032, and €750 million of 1.125% notes due 2035. The offering priced on March 15, 2021, and is expected to close on March 22, 2021. J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Merrill Lynch International, and Goldman Sachs & Co. LLC are acting as joint bookrunning managers in this offering.
Verizon also issued A$600 million of 2.35% notes due 2028, A$500 million of 3% notes due 2031, and A$150 million of 3.85% notes due 2041. The offering priced on March 16, 2021, and is expected to close on March 23, 2021. Deutsche Bank AG Sydney Branch, J.P. Morgan Securities Australia Limited, and Mizuho Securities Asia Limited are acting as joint lead managers in this offering.
Verizon intends to use the proceeds from the offerings 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.