Verizon's $11B Bond Sale To Buy Back Debt, Fund Yahoo Deal

Law360, New York (March 20, 2017, 4:43 PM EDT) -- Telecommunications giant Verizon Communications Inc. has sold $11 billion in bonds to refinance debt and help the company fund its $4.5 billion purchase of Yahoo, according to a regulatory filing Thursday, the latest in a wave of large deals by investment-grade companies.

Verizon’s bond deal contains five parts spanning from five-year floating notes to 30-year fixed notes. The company, which issued a giant $49 billion bond in 2013, plans to spend most proceeds buying back existing debt that was issued at higher rates.

Remaining money will...
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