Deals
Verizon Nets $2.54 Billion Windfall for Bond Sale Buyers
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Verizon Communications Inc. rewarded investors with a profit of about $2.54 billion for agreeing to buy the record $49 billion of bonds it sold yesterday as the price of the securities surged.
The company’s $15 billion of 30-year debentures, the biggest portion of the eight-part deal, traded at 107.26 cents on the dollar at 4:20 p.m. in New York, up from an issue price of 99.883 cents, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The $11 billion of 10-year notes rose 3.906 cents to 103.582 cents.