Verizon Communications Inc. has announced the early participation results and an extended deadline for its exchange offers. The private offers, which were previously announced, involve the exchange of 10 outstanding series of notes maturing from 2025 through 2028 (referred to as the ‘Old Notes’) for newly issued notes due 2035 (the ‘New Notes’). The Original Early Participation Date for the exchange offers was August 2, 2024, and the deadline for Eligible Holders to tender their Old Notes has been extended to August 19, 2024.
Verizon’s obligation to accept Old Notes tendered in the exchange offers is subject to certain conditions, including the Acceptance Priority Procedures and a cap on the maximum aggregate principal amount of New Notes that will be issued. As all conditions applicable to the exchange offers have been satisfied or waived, Verizon expects to settle all Old Notes validly tendered at or prior to the Original Early Participation Date on August 9, 2024.
The exchange offers will expire on August 19, 2024, unless extended or earlier terminated by Verizon. Eligible Holders whose Old Notes are accepted will receive the applicable Total Exchange Price and an additional cash payment equal to accrued and unpaid interest on such Old Notes. The New Notes will not be registered under the Securities Act of 1933, and therefore, cannot be offered or sold in the United States without registration or an applicable exemption.
Verizon has appointed Global Bondholder Services Corporation as the Information Agent and the Exchange Agent for the exchange offers. Eligible Holders can contact Global Bondholder Services Corporation for assistance or additional information regarding the exchange offers. This announcement is for informational purposes only and does not constitute an offer to purchase any Old Notes.