Verizon completes $1.86bn tender and exchange offers for notes
Verizon Communications Inc. completed $1.86bn in tender offers and exchange offers for 20 and 11 series of notes, respectively. The company received consents to amend indentures for six series to eliminate restrictive covenants. Settlement for accepted notes is scheduled for June 22, 2026.
*this image is generated using AI for illustrative purposes only.
Verizon Communications Inc. accepted an aggregate principal amount of $1,857,563,000 in notes across 20 series through its previously announced tender offers and consent solicitations, which expired at 5:00 p.m. New York City time on June 16, 2026. The company also announced the final results of separate private exchange offers for 11 series of notes, where holders exchanged old notes for new notes with identical economic terms. These transactions allow Verizon to eliminate certain restrictive covenants and other provisions from the indentures governing the debt securities.
The requisite consents to effect the proposed amendments were received for six series of notes. These include the 6.860% Debentures due 2028, 6.730% Debentures, Series G due 2028, 8.375% Debentures due 2029, 7.875% Debentures due 2029, 8.625% Debentures due 2031 and 7.875% Senior Notes due 2032. Verizon accepted all validly tendered notes that were not withdrawn prior to the expiration date. The aggregate principal amount accepted includes notes from both the "Any and All" Tender Offers and the Waterfall Tender Offers.
Accepted Notes Breakdown
The following table details the principal amount of notes accepted for purchase in the Any and All Tender Offers:
| CUSIP | Issuer | Title of Security | Maturity Date | Principal Amount Outstanding Accepted |
|---|---|---|---|---|
| 362333AH9 | Frontier Florida LLC | 6.860% Debentures due 2028 | 2/1/2028 | $234,260,000 |
| 362337AK3 | Frontier North Inc. | 6.730% Debentures, Series G due 2028 | 2/15/2028 | $157,217,000 |
| 020039AJ2 | Alltel Corporation | 6.800% Debentures due 2029 | 5/1/2029 | $634,000 |
| 165087AL1 | Verizon Virginia LLC | 8.375% Debentures due 2029 | 10/1/2029 | $2,756,000 |
| 165069AP0 | Verizon Maryland LLC | 8.000% Debentures due 2029* | 10/15/2029 | $1,498,000 |
| 645767AW4 | Verizon New Jersey Inc. | 7.850% Debentures due 2029 | 11/15/2029 | $4,739,000 |
| 644239AY1 | Verizon New England Inc. | 7.875% Debentures due 2029* | 11/15/2029 | $20,467,000 |
| 165069AQ8 | Verizon Maryland LLC | 8.300% Debentures due 2031 | 8/1/2031 | $305,000 |
| 020039DC4 | Alltel Corporation | 7.875% Senior Notes due 2032 | 7/1/2032 | $4,349,000 |
| 92344WAB7 | Verizon Maryland LLC | 5.125% Debentures due 2033 | 6/15/2033 | $20,369,000 |
*Denotes a series of Notes, a portion of which is held in physical certificated form.
Waterfall Tender Offers Results
Verizon also accepted notes through its Waterfall Tender Offers based on acceptance priority levels. The following table outlines the results:
| Priority | CUSIP | Issuer | Title of Security | Maturity Date | Principal Amount Outstanding Accepted |
|---|---|---|---|---|---|
| 1 | 362311AG7 | Frontier California Inc. | 6.750% Debentures due 2027 | 5/15/2027 | $109,112,000 |
| 2 | 650094CJ2 | Verizon New York Inc. | 6.500% Debentures due 2028 | 4/15/2028 | $1,899,000 |
| 3 | 07786DAA4 | Verizon Pennsylvania LLC | 6.000% Debentures due 2028 | 12/1/2028 | $9,237,000 |
| 4 | 165123AM2 | Frontier West Virginia Inc. | 8.400% Debentures due 2029* | 10/15/2029 | $48,516,000 |
| 5 | 078167AZ6 | Verizon Pennsylvania LLC | 8.350% Debentures due 2030 | 12/15/2030 | $8,642,000 |
| 6 | 078167BA0 | Verizon Pennsylvania LLC | 8.750% Debentures due 2031 | 8/15/2031 | $24,279,000 |
| 7 | 92344XAB5 | Verizon New York Inc. | 7.375% Debentures due 2032 | 4/1/2032 | $17,551,000 |
| 8 | 362320BA0 | Verizon Communications Inc. | 6.940% Notes due 2028 | 4/15/2028 | $48,752,000 |
| 9 | 92343VGH1 | Verizon Communications Inc. | 2.100% Notes due 2028 | 3/22/2028 | $1,142,981,000 |
Exchange Offers Results
In the separate exchange offers, Verizon accepted old notes for new notes across 11 series. The aggregate principal amount outstanding accepted for exchange totaled $160,392,000. The highest participation rate was 85.89% for the 8.625% Debentures due 2031 issued by Verizon Delaware LLC, while the lowest was 1.03% for the 6.860% Debentures due 2028 issued by Frontier Florida LLC.
Holders whose notes were accepted for purchase or exchange will receive the total consideration and accrued and unpaid interest in cash on June 22, 2026. Verizon retained Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC as lead dealer managers for the offers. Global Bondholder Services Corporation acted as the Exchange Agent and Information Agent for the exchange offers.
How will the removal of restrictive covenants impact Verizon's financial flexibility and future capital allocation strategies?
What are the implications of the low participation rate in the Frontier Florida LLC exchange offers for Verizon's management of legacy subsidiary debt?
Will Verizon utilize the increased operational freedom from these amendments to pursue further acquisitions or aggressive stock buybacks?
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