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Press Release -- April 30th, 2019
Source: Verizon

Verizon announces accepted amounts and pricing terms of its tender offers for 15 series of notes

NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced the accepted amounts and pricing terms of its previously announced 15 separate offers to purchase for cash up to an aggregate principal amount equal to the Waterfall Cap (as defined below) of the outstanding series of notes listed in the table below (collectively, the “Notes”). We refer to each offer to purchase a series of Notes for cash as an “Offer” and all the offers to purchase Notes, collectively, as the “Offers.” The Offers are made on the terms and subject to the conditions set forth in the Offer to Purchase dated April 16, 2019 (the “Offer to Purchase”). In addition, Verizon today announced that, in connection with the Offers, it increased the Waterfall Cap from $3.0 billion to $4.5 billion.

The “Early Participation Date” was 5:00 p.m. (Eastern time) on April 29, 2019. Withdrawal rights for the Offers expired at 5:00 p.m. (Eastern time) on April 29, 2019. The Offers will each expire at 11:59 p.m. (Eastern time) on May 13, 2019, unless extended or earlier terminated by Verizon (the “Expiration Date”).

As previously announced, all conditions to the Offers were deemed satisfied by Verizon by the Early Participation Date or timely waived by Verizon. Accordingly, Verizon will settle all Notes validly tendered at or prior to the Early Participation Date and accepted for purchase, on May 1, 2019 (the “Early Settlement Date”). Because the aggregate principal amount of Notes validly tendered at or prior to the Early Participation Date exceeded the Waterfall Cap, there will be no Final Settlement Date, and no Notes tendered after the Early Participation Date will be accepted for purchase. Accordingly, all Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date with (i) an Acceptance Priority Level of 1 have been accepted for purchase and (ii) an Acceptance Priority Level lower than 2 have not been accepted for purchase. Subject to the conditions in the Offer to Purchase, Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date with Acceptance Priority Level 2 have been accepted for purchase using a proration factor of approximately 47.96%.

The table below indicates, among other things, the aggregate principal amount of Notes accepted in each Offer, the Offer Yield (as defined below), and the total consideration for each $1,000 principal amount of each series of Notes validly tendered at or prior to the Early Participation Date and accepted for purchase (the “Total Consideration”), as calculated at 10:00 a.m. (Eastern time) today, April 30, 2019 (the “Price Determination Date”) in accordance with the terms of the Offer to Purchase:

Open PDF of the Financial Table

The applicable Total Consideration that will be paid on the Early Settlement Date for each series of Notes accepted for purchase does not include the applicable Accrued Coupon Payment (as defined in the Offer to Purchase), which will be paid, in cash, in addition to the applicable Total Consideration.

Verizon has retained Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Wells Fargo Securities, LLC to act as lead dealer managers for the Offers and ICBC Standard Bank Plc, Loop Capital Markets LLC, TD Securities (USA) LLC, Blaylock Van, LLC, C.L. King & Associates, Inc. and MFR Securities, Inc. to act as co-dealer managers for the Offers. Questions regarding terms and conditions of the Offers should be directed to Citigroup at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), Goldman Sachs & Co. LLC at (800) 828-3182 (toll-free) or (212) 357-1452 (collect), Mizuho Securities at (866) 271-7403 (toll-free) or (212) 205-7736 (collect) or Wells Fargo Securities at (866) 309-6316 (toll-free) or (704) 410-4756 (collect).

Global Bondholder Services Corporation is acting as the Tender Agent and the Information Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation at (866) 470-4300 (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.

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 to Purchase. 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.

This communication has not been approved by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”). Accordingly, this communication is not being distributed to, and must not be passed on to, persons within the United Kingdom save in circumstances where section 21(1) of the FSMA does not apply.

In particular, this communication is only addressed to and directed at: (A) in any Member State of the European Economic Area that has implemented the Prospectus Directive, qualified investors in that Member State within the meaning of the Prospectus Directive and (B) (i) persons that are outside the United Kingdom or (ii) persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”)) or within Article 43 of the Financial Promotion Order, or to other persons to whom it may otherwise lawfully be communicated by virtue of an exemption to Section 21(1) of the FSMA or otherwise in circumstances where it does not apply (such persons together being “relevant persons”).

Cautionary Statement Regarding Forward-Looking Statements

In this communication Verizon has 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 that could cause actual results to differ materially from those currently anticipated. Factors that could materially affect these forward-looking statements can be found in the Offer to Purchase under the heading “Risk Factors” and in our periodic reports filed with the SEC. 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 Verizon undertakes 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. Verizon cannot assure you that projected results or events will be achieved.

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