Milbank, Tweed, Hadley & McCloy LLP represented the underwriters in the $11 billion offering and concurrent $3.8 billion tender offer by Verizon Communications Inc. The bond sale will be used in order to refinance debt and help the company fund its $4.5 billion purchase of Yahoo. Verizon's bond deal consists of five tranches of notes spanning from five-year floating notes to 30-year fixed notes. These transactions allow Verizon to take advantage of the current low interest and low borrowing costs. The tender offer was conducted pursuant to the January 23, 2015 SEC no-action letter granting issuers relief from the 20 business day rule and allows issuers to conduct certain tender and exchange offers in five business days.
Milbank’s deal team was led by Global Capital Markets partners Paul Denaro and Stuart Morrissy and associates Matt Kusel, Elizabeth McNichol, Lara Assaf and Darell Hayes. Also working on the transactions were Tax partner Andrew Walker and associate Jules Mugema.
