Milbank Advises in Connection with Liability Management Transaction by Verizon

Milbank LLP advised in connection with a liability management transaction by Verizon consisting of a concurrent issuance of new Euro-denominated notes and cash tender offers for outstanding Euro-denominated notes.

Milbank represented the underwriters in connection with Verizon’s €2 billion offering of notes consisting of the €1 billion 3.500% Notes due 2032 and the €1 billion 3.750% Notes due 2036. The proceeds from the offering of 8 year (the “Notes due 2032”) and 12 year (the “Notes due 2036”) Euro-denominated notes were used to finance Verizon’s concurrent cash tender offers for certain outstanding series of its existing Euro notes.

Milbank represented the dealer managers in connection with Verizon’s €1,981,215,000 cash tender offer for five series of outstanding notes with maturity dates ranging from 2025 to 2028. This was structured as a 21 business day tender offer with a ten business day early tender period and early settlement.

The Milbank team was led by Corporate Finance and Securities partner Paul Denaro and associates Abir Varma, Harper Ricks and Devarshi Mukhopadhyay. The team also included Tax partner Andrew Walker and associate Elaine Lee, along with European Leveraged Finance/Capital Markets partner Trevor Truman, special counsel Joji Ozawa and associate Panos Tsezos.