Milbank LLP advised the underwriters in connection with Verizon’s debut concurrent offerings of hybrid securities, consisting of €2.25 billion 3.9962% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 and £1 billion 5.7420% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 (collectively, the “subordinated notes”). Each of the subordinated notes included “step-ups” with a coupon resetting feature.
Verizon intends to use the net proceeds from the offerings for the payment of the redemption price of all of its outstanding 1.450% Notes due 2026, of part of its 4.125% Notes due 2027, of all of its 3.000% Notes due 2027 and for general corporate purposes, including, depending on market and other conditions, the redemption or repayment of certain of its other outstanding indebtedness.
The Milbank deal team was led by Corporate Finance and Securities partner Paul Denaro with associates Abir Varma, Maria Schweinberger and Kendall Langs and law clerk Jordan Gunning. The deal team also included Tax partner Andrew Walker and associate Blake Rocks.
