Verizon’s C$1.5 Billion and CHF 700 Million Notes Offerings

Cleary Gottlieb Steen & Hamilton LLP represented Verizon Communications in the transaction.

Verizon Communications Inc. (Verizon) executed a C$1.5 billion registered public notes offering and a CHF 700 million Regulation S notes offering. These two offerings follow Verizon’s US$25 billion registered public notes offering, which priced March 11, 2021 and is expected to close on March 22, 2021, and Verizon’s €2.75 billion registered public notes offering and A$1.25 billion Regulation S notes offering, both of which priced on March 15, 2021 and are expected to close on March 22, 2021 and March 23, 2021, respectively.

Verizon issued C$1 billion of 2.375% notes due 2028 and C$500 million of 4.050% notes due 2051. The offering priced on March 16, 2021, and is expected to close on March 22, 2021. Merrill Lynch Canada, Inc., RBC Dominion Securities Inc. and TD Securities Inc. are acting as joint book-running managers in this offering.

Verizon also issued CHF 375 million of 0.1925% notes due 2028 and CHF 325 million of 0.555% notes due 2031. The offering priced on March 17, 2021, and is expected to close on March 24, 2021. BNP Paribas (Suisse) SA, Credit Suisse AG and Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch, 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.

The Cleary corporate team advising Verizon on the offerings 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 clerks Zhiyuan Zuo and Samuel Kramer provided tax advice. Partner Richard Sultman and counsel Jennifer Maskell provided guidance on UK tax issues. Associates Chrishan Raja and 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; Jennifer Maskell – Cleary Gottlieb Steen & Hamilton; Chrishan Raja – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Paola Stratta – Cleary Gottlieb Steen & Hamilton; Richard Sultman – Cleary Gottlieb Steen & Hamilton; Shuangjun Wang – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Verizon Communications;

Author: Martina Bellini