Verizon Sells $11 Billion of Bonds Tied to Frontier Deal

Verizon Communications Inc. sold $11 billion of investment-grade corporate bonds to fund its acquisition of Frontier Communications Parent Inc., joining a surge in jumbo debt sales in recent weeks as borrowers seek to take advantage of relatively easy market conditions.

Verizon issued the debt in five parts, according to a person with knowledge of the matter who asked not to be identified discussing private details. The longest portion of the deal, a 40-year bond, yields 1.3 percentage points above Treasuries after initial price discussions of 1.6 percentage points, the person added.