FOR IMMEDIATE RELEASE
NEW YORK, March 17, 2015 – Milbank, Tweed, Hadley & McCloy LLP represented the dealer managers, led by Barclays, BofA Merrill Lynch and Goldman, Sachs & Co., in a private exchange offer by Verizon Communications Inc. —currently the largest debt exchange offer on record. This is the second consecutive year Milbank has represented dealer managers in a record-breaking private exchange offer conducted by Verizon.
The transaction allows Verizon to take advantage of the current low interest rates and low borrowing costs while also extending and spreading out the maturity of its debt. Milbank also represented the dealer managers in a private exchange offer conducted by Verizon last year that broke the record at that time.
Verizon completed the exchange offer by accepting for exchange a combined total of $10.38 billion across seven series of existing debt securities and issued a total of $13.37 billion in new debt securities.
Milbank’s deal team was led by Global Securities partners Paul Denaro and Stuart Morrissy. Milbank has also represented the underwriters in Verizon’s $49 billion bond sale, the largest corporate debt offering on record, to fund the company’s purchase of Vodafone Group PLC’s interest in Verizon Wireless.
Also working on the transactions was New York-based Tax partner Andrew Walker, along with New York-based Global Securities associates John Ablan and Mojdeh Pourmahram and Tax associate Erika Hauser.
About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
