NEW YORK, Nov. 2, 2012 /PRNewswire/ -- Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced the commencement of a tender offer (the "Tender Offer") to purchase for cash any and all of its outstanding $1,250,000,000 aggregate principal amount of 8.95% Notes due 2039 (CUSIP No. 92343VAR5) (the "Notes").
The Tender Offer is subject to the terms and conditions set forth in the Offer to Purchase, dated November 2, 2012, relating thereto (the "Offer to Purchase").
For each $1,000 principal amount of Notes validly tendered and accepted, the holders will receive a price (the "Purchase Price") calculated in accordance with the Offer to Purchase. That price is intended to result in a yield to maturity equal to the yield to maturity of the 3.000% U.S. Treasury reference security due May 15, 2042 as displayed on Bloomberg Reference Page "BBT1" as of 2:00 p.m., New York City Time, on Friday, November 9, 2012 plus a fixed spread of 100 basis points. Holders must validly tender and not validly withdraw their Notes, and have their Notes accepted for purchase in the Tender Offer, at or prior to the Expiration Time (as defined below) in order to be eligible to receive the Purchase Price.
Holders whose Notes are accepted for purchase will receive accrued and unpaid interest from the last interest payment date to, but not including, the date on which such Notes are purchased.The Tender Offer is scheduled to expire at 5:00 p.m., New York City Time, on Friday, November 9, 2012, unless extended or earlier terminated by Verizon (the "Expiration Time"). Tendered Notes may be withdrawn at any time at or prior to the Expiration Time. Upon the terms and conditions described in the Offer to Purchase, payment for Notes accepted for purchase will be made promptly after the Expiration Time.
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