Verizon’s $1 Billion Inaugural Green Bond Offering

Milbank LLP represented the dealer managers, led by Barclays, Credit Suisse, Morgan Stanley and Santander, in a $4 billion private exchange offer by Verizon Communications Inc.

The transaction allowed Verizon to take advantage of the current low interest rates and low borrowing costs while also extending and spreading out the maturity of its debt. Verizon completed the exchange offer by accepting for exchange a combined total of $4 billion across 14 series of existing debt securities and issued a total of $4 billion in new debt securities. Because of investor demand, the exchange offer was oversubscribed as of the early participation date.

Verizon Communications Inc., through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide.

Milbank’s deal team was led by Global Capital Markets partner Paul Denaro (Picture) and associates Matthew Kusel, Alexander Becker, Alexander Youssef and George Miller. Also working on the transaction was New York-based Tax partner Andrew Walker and tax associate Jules Mugema.

Involved fees earner: Alexander Becker – Milbank; Paul Denaro – Milbank; Matthew Kusel – Milbank; George Miller – Milbank; Jules Mugema – Milbank; Andrew Walker – Milbank; Alexander Youssef – Milbank;

Law Firms: Milbank;

Clients: Barclays Bank; Credit Suisse; Morgan Stanley; Santander;