Verizon nears record $45-$49 billion bond deal -sources
NEW YORK, Sept 10 (IFR) - Verizon Communications is expected set the size of its multi-tranche bond deal at between $45 billion to $49 billion, market sources close to the deal said on Tuesday, making it the biggest corporate bond issue on record by some distance.
The sources said the issuer was likely to raise between $13 billion to $15 billion in fixed and floating rates bonds with three- and five-year maturities, $15 billion from 7-year and 10-year bonds and between $18 billion to $20 billion in 20- and 30- year bonds.
The final sizes will be fixed on Wednesday morning via active bookrunners Bank of America Merrill Lynch, Barclays, JP Morgan and Morgan Stanley.
The bonds, which attracted an order book well in excess of $90 billion, will finance the company's $130 billion buyout of its wireless operations Verizon Wireless.
The previous record for an investment-grade bond, was $17 billion sold by Apple in April 2013, at the peak of the market.
- Target stores' customers hit by major credit card attack
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- As Modi storms into India's election, a quiet alternative emerges
- Facebook, Zuckerberg, banks must face IPO lawsuit: judge
- U.S. prosecutor defends treatment of Indian diplomat |