Verizon Communications has launched exchange offers and consent solicitations for 11 series of debt tied to its subsidiaries, targeting a combined $945.6 million of outstanding principal across the notes listed in the filing.
The largest series in the group is Frontier Florida LLC’s 6.860% debentures due 2028, with $282.3 million outstanding. Frontier North Inc.’s 6.730% debentures due 2028 follow at $200.0 million. Verizon Maryland LLC has three of the larger tranches in the package: $139.1 million of 5.125% debentures due 2033, $21.1 million of 8.300% debentures due 2031, and $20.0 million of 8.000% debentures due 2029. Verizon New England Inc. has $133.1 million of 7.875% debentures due 2029, while Alltel Corporation has $55.8 million of 7.875% senior notes due 2032 and $38.1 million of 6.800% debentures due 2029.
Other tranches include Verizon New Jersey’s $44.7 million of 7.850% debentures due 2029, Verizon Virginia’s $9.0 million of 8.375% debentures due 2029, and Verizon Delaware’s $2.4 million of 8.625% debentures due 2031.
For each $1,000 of notes tendered by the early participation date, holders are set to receive $1,000 of new Verizon notes plus a $1 cash consent payment. After the early deadline, the exchange value drops by the early participation amount, and the cash consent payment disappears.
The early participation deadline is June 1, 2026. The final expiration date is June 16, 2026, and settlement is expected on June 22, 2026.
At the same time, Verizon also opened separate cash tender offers for 20 series of notes, including the old notes in this exchange program, and separate consent solicitations for 11 series. The market has reacted to these announcements by moving the company's shares -0.1% to a price of $47.1751. For the full picture, make sure to review VERIZON COMMUNICATIONS INC's 8-K report.
