AI English summary of an SEC filing — figures as filed
Verizon VZThe company said the private Exchange Offers for 10 series of Old Notes expired at 5 p.m. (New York City time) on August 19, and that all conditions applicable to the offers as of the expiration date had been deemed satisfied or waived by it. The company said the offers expired on August 20, 2024.
Key points
AI summaryThe company said the private Exchange Offers for 10 series of Old Notes expired at 5 p.m. (New York City time) on August 19, and that all conditions applicable to the offers as of the expiration date had been deemed satisfied or waived by it. The company said the offers expired on August 20, 2024.
The company said it accepted for exchange all Old Notes validly tendered after the Original Early Participation Date because the aggregate principal amount of New Notes to be issued would not exceed the New Notes Cap. It said no series was subject to proration.
The company said it expects to issue $25,819,000 of New Notes due February 15, 2035, with a coupon of 4.780%, on the Final Settlement Date. It explained that the coupon is calculated as the benchmark U.S. Treasury yield plus 107 basis points.
The company said the Final Settlement Date will be August 21, 2024. Holders of accepted Old Notes will receive the Total Exchange Price along with cash equal to accrued and unpaid interest (the Accrued Coupon Payment). The company said this cash will be reduced by interest accrued on the New Notes from August 9, 2024, the Early Settlement Date.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Verizon Announces Expiration and Final Results of Exchange Offers
The company said the private Exchange Offers for 10 series of Old Notes expired at 5 p.m. (New York City time) on August 19, and that all conditions applicable to the offers as of the expiration date had been deemed satisfied or waived by it. The company said the offers expired on August 20, 2024.
Source · Based on the filing body and exhibits
All Old Notes Tendered After Original Early Participation Date Accepted
The company said it accepted for exchange all Old Notes validly tendered after the Original Early Participation Date because the aggregate principal amount of New Notes to be issued would not exceed the New Notes Cap. It said no series was subject to proration.
Source · Based on the filing body and exhibits
New Notes Terms and Expected Issuance Size
The company said it expects to issue $25,819,000 of New Notes due February 15, 2035, with a coupon of 4.780%, on the Final Settlement Date. It explained that the coupon is calculated as the benchmark U.S. Treasury yield plus 107 basis points.
Source · Based on the filing body and exhibits
Final Settlement Date and Accrued Coupon Payment
The company said the Final Settlement Date will be August 21, 2024. Holders of accepted Old Notes will receive the Total Exchange Price along with cash equal to accrued and unpaid interest (the Accrued Coupon Payment). The company said this cash will be reduced by interest accrued on the New Notes from August 9, 2024, the Early Settlement Date.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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