Verizon’s €2.75 Billion and A$1.25 Billion Notes Offerings

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

Verizon Communications Inc. executed 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 last week 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 book-running managers in this offering.

Verizon also issued A$600 million of 2.350% notes due 2028, A$500 million of 3.000% notes due 2031 and A$150 million of 3.850% 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. 

The Cleary corporate team advising Verizon on the offerings includes 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 Samuel Kramer and Zhiyuan Zuo provided tax advice. Partner Richard Sultman and counsel Jennifer Maskell provided guidance on UK tax issues. 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; Jennifer Maskell – 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