Verizon Master Trust issues $600M asset-backed notes in Series 2025-5

Verizon ABS II LLC

Issued $400.95M Class A-1a, $133.65M Class A-1b, $40.87M Class B, and $24.53M Class C notes on June 24, 2025.
Notes are asset-backed securities backed by device payment plan receivables from Verizon customers.
Trust agreement amended to permit and clarify transfer of Class R interests; effective June 20, 2025.
The $600M total issuance is part of Verizon Master Trust's Series 2025-5 securitization.
Royal Bank of Canada consented to the trust agreement amendment.

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