Milbank LLP advised the underwriters in connection with Verizon’s offering of $2.25 billion 5.250% notes due 2035. The offering was structured to include an allocation of notes for repurchase by Verizon and on-delivery to its pension fund, Bell Atlantic Master Trust. Such repurchase and pension fund contribution is a first-of-its-kind feature in the market for debt offerings.
Net proceeds of the issuance are to be allocated for general corporate purposes, including the payment of the redemption price for $984,778,000 aggregate principal amount of Verizon’s 2.625% notes due 2026, and, depending on market and other conditions, the redemption or repayment of other outstanding indebtedness.
The Milbank deal team was led by Corporate Finance and Securities partner Paul Denaro with associates Abir Varma, Adnene Gargouri and Jillian Ran. The deal team also included Executive Compensation and Employee Benefits partner Joel Krasnow, Tax partner Andrew Walker and associate Michelle Song and Global Risk & National Security partner Bijan Ganji and associate Lauren Trushin.
