Verizon to Tap Debt Market to Pay $36 Billion Tab on 5G Airwaves
- Largest U.S. mobile carrier spent record $52.9 billion total
- First payment of $8 billion was made from cash on books
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Verizon Communications Inc. made an $8.2 billion payment to the U.S. Treasury Wednesday and expects to go to the debt market to help finance the remaining $36 billion due this month for airwaves that the phone giant needs to accelerate growth.
“We expect to access the public debt market as soon as possible, assuming favorable conditions,” Chief Financial Officer Matt Ellis said on an webcast Wednesday with investors. Verizon raised $12 billion in a bond sale in November and has set up a $25 billion bank facility to help cover the largest splurge of airwaves ever.