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Bond Market News
Verizon to Buy Back $3.5bn of Bonds Due 2025 and 2026
November 8, 2024
Verizon is buying back up to $3.5bn of its debt due in 2025 and 2026 for cash. The tender offer, is open until December 9, and aims to buy back debt across six bonds. This includes its 3.376% 2025s, FRN due 2025, 0.85% 2025s, 1.45% 2026s, FRNs due 2026 and 2.625% 2026s. The offer includes an “Early Participation Payment” of $50 per $1,000 in principal for those who tender the notes before November 21. This is part of Verizon’s ongoing strategy to reduce debt, especially following its 2021 C-Band spectrum purchase and a recent $10bn bridge loan used to finance its acquisition of Frontier Communications, expected to close in Q1 2026. Despite these efforts, Verizon’s leverage is expected to remain high for a few years due to the Frontier deal. Analysts forecast Verizon could reduce its net unsecured leverage by 0.15x annually and may reach its target leverage ratio of 2.00-2.25x by 2027-2028. As of end-September, Verizon’s total debt was $150.6bn.
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