Verizon Accepts $663.976 Million in Principal Across Four Note Series

Verizon announced final results for five cash tender offers after they expired Nov. 4, accepting $663.976 million in principal across four note series while leaving its 2040 notes out of the purchase.

The accepted-principal total differs from the offer’s purchase-price limit. Verizon initially set an aggregate purchase-price cap of $500 million and later raised its Waterfall Cap to $500.039 million. It also increased the Sub Cap beyond $155 million to accept more qualifying notes. The $663.976 million figure measures principal; the original cap measured aggregate purchase price.

Verizon accepted all $265.829 million tendered in its 3.000% Notes due November 2060, and all $207.561 million tendered in its 2.100% Notes due March 2028. It accepted $64.993 million of the 3.700% Notes due March 2061, at an approximate 11.75% proration factor, and $125.593 million of the 3.150% Notes due March 2030, at an approximate 33.33% factor. Both factors are approximate.

The company accepted none of the 2.650% Notes due November 2040, despite $891.492 million in tenders for that series. Settlement for accepted notes is scheduled for Nov. 9. Holders will receive the applicable cash consideration and accrued interest through, but excluding, the settlement date.