Verizon Communications Inc. Extends Early Participation Date for Debt Exchange Offers
On June 2, 2026, Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced a significant update regarding its ongoing private exchange offers and consent solicitations for various series of notes. The company has extended the early participation date to June 16, 2026, allowing certain eligible investors additional time to participate in the exchange process.
1. Details of the Exchange Offers
Verizon’s exchange offers involve the exchange of outstanding debt securities—termed “Old Notes”—for newly issued notes, referred to as “New Notes.” This initiative is being executed on behalf of certain wholly-owned subsidiaries of Verizon, and is designed to amend restrictive covenants and other provisions in the existing indentures governing the Old Notes.
The extension of the early participation date aligns with the expiration of the Exchange Offers and Consent Solicitations, which are scheduled to conclude at 5:00 p.m. (New York City time) on June 16, 2026. Eligible holders who validly tender their Old Notes by this deadline will qualify for the Total Consideration, which includes an Early Participation Payment.
2. Participation Results as of Original Early Participation Date
Verizon also disclosed early participation results as of June 1, 2026, with a total of validly tendered principal amounts for various series of Old Notes. The following table highlights the aggregate principal amounts tendered and the percentages relative to outstanding amounts:
| CUSIP Number | Subsidiary Issuer | Title of Security | Principal Amount Outstanding | Aggregate Principal Amount Tendered | Percentage of Principal Amount Outstanding Tendered |
|---|---|---|---|---|---|
| 362333AH9 | Frontier Florida LLC | 6.860% Debentures due 2028 | $282,289,000 | $2,719,000 | 0.96% |
| 362337AK3 | Frontier North Inc. | 6.730% Debentures, Series G due 2028 | $200,000,000 | $8,364,000 | 4.18% |
| 020039AJ2 | Alltel Corporation | 6.800% Debentures due 2029 | $38,098,000 | $600,000 | 1.57% |
| 165087AL1 | Verizon Virginia LLC | 8.375% Debentures due 2029 | $8,993,000 | $3,595,000 | 39.98% |
| 165069AP0 | Verizon Maryland LLC | 8.000% Debentures due 2029 | $19,981,000 | $4,875,000 | 24.40% |
| 645767AW4 | Verizon New Jersey Inc. | 7.850% Debentures due 2029 | $44,704,000 | $10,170,000 | 22.75% |
| 644239AY1 | Verizon New England Inc. | 7.875% Debentures due 2029 | $133,077,000 | $69,235,000 | 52.03% |
| 165069AQ8 | Verizon Maryland LLC | 8.300% Debentures due 2031 | $21,111,000 | $4,115,000 | 19.49% |
| 252759AM7 | Verizon Delaware LLC | 8.625% Debentures due 2031 | $2,381,000 | $2,045,000 | 85.89% |
| 020039DC4 | Alltel Corporation | 7.875% Senior Notes due 2032 | $55,847,000 | $32,027,000 | 57.35% |
| 92344WAB7 | Verizon Maryland LLC | 5.125% Debentures due 2033 | $139,085,000 | $19,535,000 | 14.05% |
3. Additional Information on the Offers
Verizon clarified that the consents delivered for a series of Old Notes in connection with the Exchange Offers will be combined with those delivered for the same series in their separate cash tender offers. These offers are distinct from the Exchange Offers and are not contingent upon one another.
The Settlement Date for any accepted Old Notes is projected to be June 22, 2026, assuming all conditions are met. Each series of New Notes will retain the same economic terms as the corresponding Old Notes, but will not be registered under the Securities Act, limiting their sale in the U.S.
4. Eligibility and Participation Requirements
Only holders who have duly completed the eligibility letter can participate in the Exchange Offers and Consent Solicitations. Eligible Holders are defined as either “qualified institutional buyers” or non-U.S. persons located outside the United States.
Verizon reserves the right to waive any conditions to the Exchange Offers and Consent Solicitations, and all other terms will remain unchanged as outlined in the Exchange Offer Documents.
This latest development from Verizon highlights the company's ongoing efforts to optimize its capital structure and enhance financial flexibility, marking a proactive approach in managing its debt obligations amidst evolving market conditions.
