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Verizon to redeem $1.295B of 4.329% notes due 2028 on June 20, 2026
The Apex Times

THE APEX TIMES

Business/The Apex Times/Jun 7, 4:39 AM EDT

Verizon to redeem $1.295B of 4.329% notes due 2028 on June 20, 2026

The telecom giant said it will call a portion of its outstanding 4.329% Notes due 2028, paying a calculated redemption price plus accrued interest to holders through a specified paying agent.

By The Apex Times Newsroom3 min readAI-assisted Apex article

Verizon Communications Inc. said it will redeem $1,295,282,000 of its 4.329% Notes due 2028 on June 20, 2026. Verizon described the move as a “redemption” of debt securities, a process where an issuer pays off bonds before maturity at a price set under the note terms. The company did not say in the announcement what financing, if any, will be used to fund the redemption.

The notes Verizon is redeeming are identified by multiple CUSIP numbers, which are unique identifiers used to track U.S. traded securities. Verizon said it will redeem $1,274,166,000 of notes under CUSIP 92343V ER1, $11,012,000 under CUSIP 92343V EQ3, and $10,104,000 under CUSIP U9221A BK3. Verizon also disclosed that the aggregate principal amount outstanding across the Notes was $2,545,282,000, meaning the redemption will take out roughly half of the total currently outstanding principal.

Verizon said the redemption price for the notes being called will be the greater of two calculations: (i) 100% of the principal amount being redeemed, or (ii) the present value of remaining scheduled principal and interest payments, discounted to the redemption date. In that second prong, the discounting uses the Treasury Rate defined in the notes, plus 25 basis points, on a semiannual basis, Verizon said. Verizon added that the redemption price will also include accrued and unpaid interest up to, but excluding, June 20, 2026.

The company said the redemption price will be calculated under the notes’ terms on the third business day preceding the redemption date. Verizon also identified U.S. Bank Trust Company, National Association as the paying agent, listing an address in Edison, New Jersey and a phone number for questions related to the notice of redemption and related materials.

This announcement fits within a broader pattern of debt “liability management” that large telecom issuers commonly use to adjust maturities and potentially lower long-term financing costs. While Verizon did not disclose whether the redemption is part of a targeted refinance, such calls are often paired with exchanges, tender offers, or new issuance to restructure outstanding obligations as markets and interest rates move.

Verizon has also been actively engaging bondholders earlier in the same time window. On May 11, 2026, it announced cash tender offers and consent solicitations for 20 series of Verizon and certain subsidiary notes, describing “any and all” offers and a “waterfall” acceptance approach for certain tranches. In a separate May 11 release, Verizon announced private exchange offers and related consent solicitations for 11 series of notes, with those exchange offers set to expire at 5:00 p.m. New York City time on June 16, 2026, and settlement expected to be the third business day after expiration (or June 22, 2026 unless extended).

Still, Verizon’s June 20 redemption notice did not provide additional detail beyond the mechanics of the call. The company did not say how much, if any, of the redeemed principal would be replaced by new debt, whether it expects any impact on near-term cash flow or leverage ratios, or whether bondholders will receive any additional premiums beyond the redemption price formula and accrued interest.

The key items to watch next are administrative and market-facing. Holders will look for the calculated redemption price timing relative to the third-business-day calculation window, and traders will monitor whether Verizon follows up with further tender results or exchange settlement disclosures around the June 16-22 period. Separately, Verizon’s future filings may clarify whether this redemption is linked to ongoing refinancing or restructuring plans not described in the redemption notice.

Why It Matters

  • A partial redemption reduces the amount of a specific bond series outstanding, which can affect future interest expense and outstanding leverage metrics over time.
  • The redemption price formula is tied to Treasury rates plus a fixed spread, meaning the eventual amount paid can move with the interest-rate environment into mid-June.
  • The timing overlaps with Verizon’s broader mid-June 2026 debt actions, including exchange offer deadlines around June 16 and expected settlement around June 22.
  • Bondholders and credit investors will watch for follow-on disclosures about how much principal Verizon ultimately buys, exchanges, or redeems across different instruments during this period.

Sources

Key Facts

  • Verizon will redeem $1,295,282,000 of its 4.329% Notes due 2028 on June 20, 2026.
  • The Notes had $2,545,282,000 aggregate principal outstanding, and Verizon said the redemption removes principal across multiple CUSIP identifiers.
  • Verizon said it will redeem $1,274,166,000 under CUSIP 92343V ER1, $11,012,000 under CUSIP 92343V EQ3, and $10,104,000 under CUSIP U9221A BK3.
  • The redemption price will be the greater of 100% of principal or a present-value calculation discounted using the Treasury Rate plus 25 basis points, plus accrued and unpaid interest to (but excluding) the redemption date.
  • Verizon said the redemption price will be calculated on the third business day preceding June 20, 2026.
  • U.S. Bank Trust Company, National Association is named as the paying agent for the redemption notice and related materials.

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Verizon to redeem $1.295B of 4.329% notes due 2028 on June 20, 2026 | The Apex Times