US telecoms giant Verizon Communications has priced the three tranches of its US$5.4bn bond offering to European investors.
It will use the proceeds of the euro and sterling denominated issue to help fund its US$130bn consolidation of subsidiary Verizon…
US telecoms giant Verizon Communications has priced the three tranches of its US$5.4bn bond offering to European investors.
It will use the proceeds of the euro and sterling denominated issue to help fund its US$130bn consolidation of subsidiary Verizon Wireless, which is set to close later this month.
It priced €1.75bn (US$2.36bn) of 2.375% notes due 2022 at 99.496, to yield 88 basis points more than the mid-swap rate.
A further €1.25bn (US$1.69bn) of 3.25% notes due 2026 priced at 99.882 to yield 118 basis points over mid-swaps, and £850m (US$1.38bn) of 4.75% notes maturing 2034 priced at 99.607, to yield 145 basis points over Gilts.
Credit Suisse, Deutsche Bank, RBS and Santander are joint bookrunners on the offering, which is set to close at the end of next week.
Last week the US operator priced US$500m of 40-year baby bonds as it tapped the retail market in another bid to diversify its investor base.
That followed its record US$49bn corporate bond last autumn, which was bought up by institutional investors.
That bond was originally going to be made up in part by euro and sterling tranches, but Verizon decided that was not necessary due to the strong appetite of US investors for its eight-tranche US dollar megabond.
