Verizon Communications Inc. announced the accepted amounts as of the Original Early Participation Date and pricing terms of its previously announced six separate offers to purchase for cash, the outstanding series of debt securities (each a ?Security? and collectively, the ?Securities?) listed in the table below, on the terms and subject to the conditions set forth in the offer to purchase dated November 7, 2024 (as amended by Verizon?s press release dated today, November 22, 2024, relating to the early results and extension of the early participation date of the Offers (the ?Early Results Press Release?), the ?Offer to Purchase?). Verizon refers to each offer to purchase a Security for cash as an ?Offer?
and all the offers to purchase the Securities, collectively as the ?Offers.? Verizon?s obligation to accept Securities tendered in the Offers is subject to the terms and conditions described in the Offer to Purchase, including, among other things, the Acceptance Priority Procedures (as defined in the Offer to Purchase). Withdrawal rights for the Offers expired at 5:00 p.m. (Eastern time) on November 21, 2024.
The Extended Early Participation Date (as defined in the Early Results Press Release) is 5:00 p.m. (Eastern time) on December 9, 2024, at which time the Offers will also expire (the ?Expiration Date?), unless the Expiration Date is extended or earlier terminated by Verizon. As previously announced all conditions applicable to the Offers as of the Original Early Participation Date were deemed satisfied by Verizon, or were timely waived by Verizon. The Securities tendered and not validly withdrawn at or prior to the Original Early Participation Date that have been accepted for purchase are indicated in the table below.
Verizon will settle all Securities validly tendered and not validly withdrawn at or prior to the Original Early Participation Date and accepted for purchase, on November 26, 2024 (the ?Early Settlement Date?). Because the aggregate Total Consideration of Securities validly tendered at or prior to the Original Early Participation Date and accepted for purchase did not exceed the Waterfall Cap (as defined in the Offer to Purchase), Verizon will, until the Expiration Date, continue to accept for purchase all Securities validly tendered after the Original Early Participation Date, subject to all conditions having been satisfied or waived by Verizon with respect to the Offers. The Final Settlement Date (as defined in the Offer to Purchase) is expected to be the second business day after the applicable Expiration Date, unless extended with respect to any Offer.
The applicable Total Consideration that will be paid to holders of Securities (each, a ?Holder? and collectively, ?Holders?) on the relevant settlement date for each series of Securities accepted for purchase includes an early participation payment of $50 per $1,000 principal amount of Securities, but does not include the applicable accrued but unpaid interest on each such series of Securities to, but not including, the relevant settlement date (the ?Accrued Coupon Payment?), which will be paid, in cash, in addition to the applicable Total Consideration.