Verizon announced private exchange offers and consent solicitations for 11 series of Old Notes totaling approximately $945 million from its subsidiaries, exchanging for new Verizon notes with identical terms.
Key takeaways
Commenced exchange offers for 11 series of Old Notes issued by subsidiaries including Frontier Florida LLC, Alltel Corporation, and various Verizon LLCs.
Total principal amount outstanding across series: $945,656,000, exchanging for matching New Notes due 2028-2033.
Early Participation Date: June 1, 2026; Expiration Date: June 16, 2026; expected Settlement Date: June 22, 2026.
Eligible Holders (QIBs or non-U.S. qualified offerees) receive $1,050 principal New Notes + $1 cash consent payment if tendered by Early Date.
Proposed Amendments to eliminate certain restrictive covenants in Existing Indentures.
Concurrent separate cash tender offers for 20 series, with consents cumulated but offers independent.