Verizon said it announced the final results of the Exchange Offers for 10 series of Old Notes and expects to issue approximately $2.2 billion aggregate principal amount of new 5.401% Notes due 2037. The company said the Exchange Offers will not generate any cash proceeds.

1. 01

   Verizon said it announced the final results of the Exchange Offers for 10 series of Old Notes and expects to issue approximately $2.2 billion aggregate principal amount of new 5.401% Notes due 2037. The company said the Exchange Offers will not generate any cash proceeds.

2. 02

   The company said it is accepting Old Notes for exchange under the Exchange Offers on a waterfall basis in the order of each series' Acceptance Priority Level, and that the maximum aggregate principal amount of New Notes to be issued across all Exchange Offers is capped at $2.5 billion.

3. 03

   Verizon said it increased the Maximum Total Consideration Amount for the Cash Offers from $300 million to $500 million, which it said is sufficient to purchase all Covered Notes tendered.

4. 04

   The company said it is rejecting Non-Covered Notes, the 2.100% Notes due 2028 with Acceptance Priority Level 6, from the Cash Offers because purchasing all of them would breach the increased Maximum Total Consideration Condition, and is therefore also rejecting exchanges of those notes under the Exchange Offers.

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Original filing

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