Verizon Sells $12 Billion of Bonds in Fifth Biggest Deal of 2020
- Largest U.S. wireless carrier sold securities in five parts
- Progress on vaccine fuels debt binge even as virus cases climb
Photographer: Patrick T. Fallon/Bloomberg
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Verizon Communications Inc. sold $12 billion of bonds in the fifth largest transaction of the year as blue-chip companies rushed to squeeze in debt sales following optimistic news Monday regarding a potential Covid-19 vaccine.
The telecommunications giant sold the debt in five parts, with proceeds earmarked for spectrum costs and repayment of outstanding obligations, according to a person with knowledge of the matter. The longest portion of the offering, a $2 billion 40-year security, yields 1.3 percentage points above Treasuries, after initial discussions of around 1.5 percentage points, said the person, who asked not to be identified as the details are private.