Verizon Issues $6.25 Billion of Debt as Bond Sales Accelerate
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Verizon Communications Inc. sold $6.25 billion of notes in its first debt sale since 2009, helping to increase dollar-denominated corporate bond sales fourfold from last week.
Verizon, the second-largest U.S. phone company, was joined by Gilead Sciences Inc., Volkswagen AG and Caterpillar Inc. in issuing debt today. Borrowers have raised or are expected to sell at least $48.3 billion of dollar-denominated company debt this week, compared with $11.2 billion last week, according to data compiled by Bloomberg. New York-based Verizon plans to use proceeds from the sale to repay commercial paper and for general corporate purposes, according to a regulatory filing.