Verizon announces extension of early participation date and early results of its private exchange offers/consent solicitations for notes

NEW YORK - Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ) today announced that the early participation date has been extended until 11:59 p.m. (New York City time) on December 13, 2017 (the "Extended Early Participation Date"), with respect to its previously announced (i) offers, on behalf of certain of its wholly-owned subsidiaries, to exchange any and all of the outstanding series of notes listed below (collectively, the "Old Notes") for specified series of newly issued debt securities of Verizon (collectively, the "New Notes") (and additional cash amounts for specified series of Old Notes) (the "Exchange Offers"), and (ii) solicitations of consents, on behalf of such subsidiaries, to the proposed amendments (the "Proposed Amendments") to the indentures governing the Old Notes in order to, among other things, eliminate certain of the restrictive covenants contained therein (the "Consent Solicitations"), in each case on the terms and subject to the conditions set forth in the Exchange Offer and Consent Solicitation Statement dated November 15, 2017 (the "Exchange Offer and Consent Solicitation Statement" and, together with the accompanying letter of transmittal and eligibility letter, the "Offer Documents").  Accordingly, the Extended Early Participation Date will occur at the same time the Exchange Offers and Consent Solicitations are scheduled to expire.  Eligible Holders (as defined below) who validly tender their Old Notes at or prior to the Extended Early Participation Date and whose Old Notes are accepted by Verizon will be eligible to receive the Total Consideration (as defined in the Exchange Offer and Consent Solicitation Statement), which includes the Early Participation Payment (as defined in the Exchange Offer and Consent Solicitation Statement).  The deadline to validly withdraw tenders (and validly revoke the related consents) of Old Notes was not modified by Verizon, and expired with respect to all series of Old Notes at 5:00 p.m. (New York City time) on November 29, 2017.  Verizon today also announced the early participation results, as of 5:00 p.m. (New York City time) on November 29, 2017 (the "Original Early Participation Date"), of the Exchange Offers and Consent Solicitations. Click here for more.

from Cellular News http://bit.ly/2BzXecX