Verizon Communications has launched a new bond issue as it seeks to redeem eight tranches of notes maturing between 2016 and 2018 totalling US$8.2bn, which have coupons between 5.5% and 8.75%.
Citigroup, Mitsubishi UFJ, RBC Capital Markets and Wells…
Verizon Communications has launched a new bond issue as it seeks to redeem eight tranches of notes maturing between 2016 and 2018 totalling US$8.2bn, which have coupons between 5.5% and 8.75%.
Citigroup, Mitsubishi UFJ, RBC Capital Markets and Wells Fargo are bookrunners on the new offering, the US telco said in an SEC filing.
Verizon’s latest offering comprises two fixed-rate tranches and one floating rate series. According to one market report Verizon has received more than US$9bn in orders for the notes, although it is not clear how much the company is looking to raise.
The issuance marks the New York-based operator’s third debt offering of the year after it raised US$5.4bn selling bonds in Europe and another US$500m selling baby bonds to retail investors.
Those transactions are dwarfed by Verizon’s bond issue prior to that – last September it sold a record-breaking US$49bn corporate bond to fund its US$130bn consolidation of Verizon Wireless.
