Verizon Communications is seeking to raise about $6.25 billion in a new debt offering, The Wall Street Journal reports. The U.S. broadband and telecom company has divided the deal in five tranches of $1 billion three-year floating-rate notes, $1.5 billion three-year fixed-rate notes, $1.25 billion five-year fixed-rate bonds, $1.5 billion 10-year fixed-rate bonds and $1 billion of 30-year fixed-rate debt. Verizon may use the proceeds to pay down commercial paper debt and for general corporate purposes. Goldman Sachs, Citigroup, JP Morgan Chase, Morgan Stanley and Wells Fargo are the lead managers for the three-year fixed-rate tranche, while the remaining five-, 10- and 30-year tranches were led by Citi, JP Morgan, Morgan Stanley and Wells Fargo. Bank of America Merrill Lynch, Barclays Capital and RBS were supporting the managers on the transaction.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Bloomberg.