Verizon launches exchange and cash tender offers for ~$946M of notes; seeks covenant amendments

VERIZON COMMUNICATIONS INC

• Exchange offers cover 11 series of notes aggregating ~$945.6M; new notes have same economic terms as old notes.
• Consent solicitations seek to eliminate restrictive covenants in existing indentures.
• Early participation incentive: $50 principal amount of new notes per $1k old notes tendered by June 1, plus $1 cash consent payment.
• Separate cash tender offers for 20 series of notes, including the 11 series; expire June 16, 2026.
• New notes will be unregistered but registration rights agreement will be provided; settlement expected June 22, 2026.

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