Verizon announces pricing terms of its tender offers for 30 series of notes of Verizon and certain of its subsidiaries

NEW YORK, March 17, 2017 /PRNewswire/ -- Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced the pricing terms of its previously announced 30 separate offers to purchase for cash (the "Offers") any and all of the outstanding series of notes listed below (collectively, the "Notes"), on the terms and subject to the conditions set forth in the Offer to Purchase dated March 13, 2017 (the "Offer to Purchase" and, together with the accompanying letter of transmittal and notice of guaranteed delivery, the "Offer Documents"). 

On the terms and subject to the conditions set forth in the Offer to Purchase, set forth below is the applicable Total Consideration (as defined in the Offer to Purchase) for each series of Notes, as calculated at 11:00 a.m. (Eastern time) today, March 17, 2017 (the "Price Determination Date"), in accordance with the Offer to Purchase.

The Offers will expire at 5:00 p.m. (Eastern time) today, March 17, 2017 (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Expiration Date").  Notes tendered may be validly withdrawn at any time at or prior to 5:00 p.m. (Eastern time) today, March 17, 2017 (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the "Withdrawal Date"), but not thereafter.  The "Settlement Date" with respect to an Offer will occur promptly following the Expiration Date and is expected to be March 20, 2017.  The "Guaranteed Delivery Settlement Date" with respect to Notes validly tendered pursuant to the guaranteed delivery procedures after the Expiration Date and at or prior to the guaranteed delivery date and accepted for purchase will occur promptly following the guaranteed delivery date and is expected to be March 22, 2017.

Upon the terms and subject to the conditions set forth in the Offer Documents, holders who (i) validly tender and who do not validly withdraw Notes at or prior to the Expiration Date or (ii) deliver a properly completed and duly executed Notice of Guaranteed Delivery (or comply with DTC's Automated Tender Offer Program (ATOP) procedures applicable to guaranteed delivery) and all other required documents at or prior to the Expiration Date and tender their Notes at or prior to the guaranteed delivery date pursuant to the guaranteed delivery procedures, and in either case, whose Notes are accepted for purchase by Verizon, will receive the applicable Total Consideration for each $1,000 principal amount of Notes, which will be payable in cash. 

In addition to the applicable Total Consideration, holders whose Notes are accepted for purchase will be paid accrued and unpaid interest on such Notes to, but not including, the Settlement Date.  Interest will cease to accrue on the Settlement Date for all Notes accepted, including those tendered through the guaranteed delivery procedures.

Verizon's obligation to accept Notes tendered in the Offers is subject to the satisfaction of certain conditions described in the Offer Documents, including a Financing Condition (as defined below). Pursuant to the Financing Condition, Verizon's obligation to accept and pay for any validly tendered Notes in any Offer is conditioned on the successful completion, prior to the Expiration Date, of an offering by Verizon of notes with stated maturities occurring after January 1, 2037 (the "New Offering") on terms and conditions satisfactory to Verizon, including, but not limited to, with respect to each series of Notes, the amount of gross proceeds raised in the New Offering being sufficient to fund the aggregate Total Consideration and accrued and unpaid interest of all Notes of such series (after funding the aggregate Total Consideration and accrued and unpaid interest of all validly tendered and not validly withdrawn Notes of each series having a higher "Acceptance Priority Level" (as defined in the Offer to Purchase) tendered in the applicable Offer (the "Financing Condition"). 

On March 16, 2017, Verizon received aggregate gross proceeds of $4,444,800,000 in connection with the New Offering, comprising its issuance of $3,000,000,000 aggregate principal amount of its 5.250% Notes due 2037 and $1,500,000,000 aggregate principal amount of its 5.500% Notes due 2047.  Verizon reserves the right, subject to applicable law, to waive any and all conditions to any Offer. 

Verizon has retained Barclays Capital Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC to act as lead dealer managers (together, the "Lead Dealer Managers") for the Offers and Deutsche Bank Securities Inc., Loop Capital Markets LLC, Mizuho Securities USA Inc., MUFG Securities Americas Inc. and UBS Securities LLC to act as the Co-Dealer Managers in connection with the Offers. Questions regarding terms and conditions of the Offers should be directed to Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212) 528-7581 (collect), BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907 (collect), Morgan Stanley & Co. LLC at (800) 624-1808 (toll-free) or (212) 761-1057 (collect), or RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7822 (collect).

Global Bondholder Services Corporation is acting as the Information Agent and the Tender Agent for the Offers.  Questions or requests for assistance related to the Offers or for additional copies of the Offer Documents may be directed to Global Bondholder Services Corporation at (866) 470-3800 (toll free) or (212) 430-3774 (collect).  You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.  The Offer Documents can be accessed at the following link http://www.gbsc-usa.com/Verizon/.

If Verizon terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering holders thereof.  With effect from such termination, any Notes blocked in DTC will be released.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Offers before the deadlines specified herein and in the Offer Documents.  The deadlines set by each clearing system for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer Documents.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to purchase any Notes. The Offers are being made solely pursuant to the Offer Documents.  The Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.  In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of Verizon by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

Verizon has filed a registration statement on Form S-3 (including a prospectus) with the SEC for the New Offering.  Interested parties should read the prospectus in that registration statement, the final prospectus supplement, as amended, for the New Offering and the other documents that Verizon has filed with the SEC that are incorporated by reference into the final prospectus supplement, as amended, for more complete information about Verizon and the New Offering.  These documents are available at no charge by visiting EDGAR on the SEC website at www.sec.gov.

Cautionary Statement Regarding Forward-Looking Statements

In this communication we have made forward-looking statements.  These forward-looking statements are not historical facts, but only predictions and generally can be identified by use of statements that include phrases such as "will," "may," "should," "continue," "anticipate," "believe," "expect," "plan," "appear," "project," "estimate," "intend," or other words or phrases of similar import.  Similarly, statements that describe our objectives, plans or goals also are forward-looking statements.  These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.  Factors that could materially affect these forward-looking statements can be found in our periodic reports filed with the SEC.  Eligible holders are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements.  The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to update publicly these forward-looking statements to reflect new information, future events or otherwise.  In light of these risks, uncertainties and assumptions, the forward-looking events might or might not occur.  We cannot assure you that projected results or events will be achieved.

Media contact: 
Bob Varettoni 
908-559-6388 
[email protected]

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SOURCE Verizon

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