Verizon Communications’ $25 Billion Notes Offering

Cleary Gottlieb represented Verizon Communications Inc. 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 0.750% notes due 2024, $2.75 billion of 1.450% notes due 2026, $3.0 billion of 2.100% notes due 2028, $4.25 billion of 2.550% notes due 2031, $3.75 billion of 3.400% notes due 2041, $4.5 billion of 3.550% notes due 2051 and $3.5 billion of 3.700% 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 book-running managers in this offering.

Verizon is one of the world’s leading providers of technology, communications, information and entertainment products and services.

The Cleary corporate team on the offering included partners Jeff Karpf (Picture) and David Lopez, senior attorney Elizabeth Chang, associates Shuangjun Wang, Amanda Brown, and Ari Goldberg, and law clerks Taewan Roh and Austin Wolfe. Partner Jason Factor, senior attorney David (Fish) Fisher, associates Eric Gruebel and Michael Sims, and law clerk Samuel Kramer are providing tax advice. Associate Paola Stratta provided guidance on UK selling restrictions.

Involved fees earner: Amanda Brown – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Ari Goldberg – Cleary Gottlieb Steen & Hamilton; Eric Gruebel – Cleary Gottlieb Steen & Hamilton; Jeffrey Karpf – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Paola Stratta – Cleary Gottlieb Steen & Hamilton; Shuangjun Wang – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Verizon Communications;

Author: Martina Bellini