Milbank LLP advised in connection with a $4 billion debut dollar-denominated hybrid bond offering by Verizon Communications Inc. (“Verizon”) and a separate liability management transaction consisting of cash tender offers, offers to exchange and consent solicitations by Verizon for certain series of outstanding notes for Verizon’s own account and on behalf of certain of its wholly owned subsidiaries.
Milbank represented the underwriters in connection with the inaugural $4 billion hybrid bond offering, consisting of $2 billion 6.050% fixed-to-fixed rate junior subordinated notes due 2058 and $2 billion 6.200% fixed-to-fixed rate junior subordinated notes due 2056. Verizon intends to use the net proceeds for general corporate purposes, which may include, depending on market and other conditions, the repayment of outstanding indebtedness.
Milbank also represented the dealer managers in connection with Verizon’s $1.4 billion cash tender offers for 20 series of outstanding notes, for its own account and on behalf of certain of its wholly owned subsidiaries with maturity dates ranging from 2027 to 2033. This was structured as a 25-business day tender offer with a 15-business day early tender period and early settlement.
Concurrently with the tender offers, Milbank represented the dealer managers in connection with Verizon's offers to exchange, on behalf of certain of its wholly owned subsidiaries, 11 series of outstanding notes for new notes issued by Verizon and related solicitations of consent to the proposed amendments to the indentures governing such outstanding series of notes. The tender offers and exchange offers expired on June 16, 2026.
The Milbank deal team was led by Corporate Finance and Securities partner Paul Denaro and associates Abir Varma, Nishkarsh Jakhar, Christopher Puglisi and Rowan Pierson. The team also included Tax partner Andrew Walker and associate Blake Rocks.
