Verizon launches private exchange of up to $2.5B of new 2035 notes for 10 series of notes due 2025-2028

VERIZON COMMUNICATIONS INC

Offers to exchange up to $2.5B aggregate principal amount of new 2.0% notes due 2035 for 10 series of notes maturing 2025 to 2028.
Eligible holders: QIBs and non-U.S. qualified offerees; tenders due by 5:00 p.m. ET on Aug 2 for early participation, expiring Aug 19.
New notes coupon = yield on 4.375% UST due May 2034 plus 100 bps; minimum issue requirement of $500M.
Early participants receive additional $50 per $1,000 principal in new notes; acceptance priority waterfall with proration if oversubscribed.

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