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VERIZON COMMUNICATIONS

(VZ)
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Verizon Communications Inc. Announces Accepted Amounts of Old Notes and Pricing Terms of New Notes in Connection with its Private Exchange Offers for 8 Series of Notes

09/17/2021 | 02:25pm EDT

Verizon Communications Inc. announced the accepted amounts and pricing terms of its previously announced private offers to exchange the 8 outstanding series of notes maturing from 2024 through 2026 (collectively, the old notes), in each case, for newly issued notes of the company due 2032 (the new notes) (the exchange offers), on the terms and subject to the conditions set forth in an offering memorandum dated September 2, 2021. The offering memorandum and the accompanying eligibility letter for the exchange offers constitute the exchange offer documents. The early participation date was, and the withdrawal rights for each exchange offer expired at, 5:00 p.m. (Eastern time) on September 16, 2021. The exchange offers will expire at 5:00 p.m. (Eastern time) on October 1, 2021, unless extended or earlier terminated by the company. As previously announced, all conditions applicable to the exchange offers as of the early participation date have been deemed satisfied or waived by the company and the minimum issue requirement for each of the exchange offers was met as of the early participation date. The company will settle all old notes validly tendered at or prior to the early participation date and accepted for exchange on September 20, 2021 (the early settlement date). Because the aggregate principal amount of new notes to be issued in exchange for the old notes validly tendered at or prior to the early participation date and accepted for exchange will equal the new notes cap, there will be no final settlement date with respect to the exchange offers, and no additional tenders of old notes will be accepted for purchase by the company in the exchange offers after the early participation date. Exchange offers: the aggregate principal amount of old notes accepted in each exchange offer, the exchange offer yield for each series of fixed rate notes and the total exchange price for each series of fixed rate notes, each as calculated at 9:00 a.m. (Eastern time) on September 17, 2021 (the price determination date) in accordance with the terms set forth in the offering memorandum. No series of old notes tendered and accepted in the exchange offers was subject to proration. The exchange offer yield for each series of old notes other than the floating rate notes (all such old notes, the fixed rate notes) is equal to the sum of the yield, as calculated by the lead dealer managers, that equates to the bid-side price of the applicable Reference U.S. Treasury Security specified in the table above for such series of fixed rate notes on the price determination date quoted on the Bloomberg Reference Page specified in the launch press release, plus the applicable fixed spread specified in the table above (the fixed spread) for such series of fixed rate notes. The total exchange price for each series of fixed rate notes payable in principal amount of new notes per each $1,000 principal amount of such series of fixed rate notes validly tendered for exchange at or prior to the early participation date, and is based on the fixed spread for the applicable series of fixed rate notes, plus the yield of the specified Reference U.S. Treasury Security for that series as of the price determination date; provided that the total exchange price as determined in accordance with the procedures described herein shall in no case be less than 100% of the principal amount of the applicable fixed rate notes tendered for exchange. The total exchange price payable in principal amount of new notes per each $1,000 principal amount of floating rate notes due 2024 (the floating rate notes) validly tendered for exchange at or prior to the early participation date. Equal to the sum of the yield of the 1.250% U.S. Treasury Security due August 15, 2031 (the new notes reference security), as calculated by the lead dealer managers in accordance with standard market practice, that equates to the bid side price of the new notes reference security appearing at 9:00 a.m. (Eastern time) on September 17, 2021, on the Bloomberg Reference Page FIT1, plus 100 basis points, such sum rounded to the third decimal place when expressed as a percentage. The new notes will mature on March 15, 2032. The applicable total exchange price that will be paid on the early settlement date for each series of old notes accepted for exchange does not include the applicable accrued coupon payment, which will be paid, in cash, in addition to the applicable total exchange price.


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Financials (USD)
Sales 2021 133 B - -
Net income 2021 22 706 M - -
Net Debt 2021 144 B - -
P/E ratio 2021 9,64x
Yield 2021 4,82%
Capitalization 218 B 218 B -
EV / Sales 2021 2,72x
EV / Sales 2022 2,70x
Nbr of Employees 118 500
Free-Float 96,5%
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Mean consensus HOLD
Number of Analysts 29
Last Close Price 52,58 $
Average target price 59,70 $
Spread / Average Target 13,5%
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Managers and Directors
Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis Chief Financial Officer & Executive Vice President
Kyle J. Malady Chief Technology Officer & Executive VP
Shankar Arumugavelu Global Chief Information Officer
Craig Silliman Chief Administrative & Legal Officer, Executive VP
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