Verizon announces final results of exchange offers and cash tender offers for 10 series of notes

VERIZON COMMUNICATIONS INC

Verizon accepted ~$2.2B of Old Notes in exchange for new 5.401% Notes due 2037; settlement expected June 25, 2025.
Cash offer cap increased from $300M to $500M; accepted Covered Notes (priority 1-5, 7-10), rejected 2.100% Notes due 2028.
Exchange offers limited to QIBs and non-U.S. persons; new notes not registered under Securities Act.
Verizon will not receive cash proceeds from exchange; cash tender uses up to $500M to purchase old notes.
Dealer managers include Barclays, Goldman Sachs, J.P. Morgan, RBC Capital Markets, and others.

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