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Verizon Communications Inc Enters Into $12.0 billion Term Loan Credit Agreement-Form 8-K

Thursday, 3 Oct 2013 02:06pm EDT 

Verizon Communications Inc reported in its Form 8-K that on October 1, 2013, Verizon Communications Inc. (Verizon) entered into a $12.0 billion Term Loan Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent (JPM), and the lenders named therein. The Term Loan Credit Agreement provides Verizon with the ability to borrow up to $12.0 billion to finance, in part, Verizon’s previously announced acquisition of the indirect 45% interest of Vodafone Group Plc (Vodafone) in Cellco Partnership d/b/a Verizon Wireless pursuant to the stock purchase agreement entered into on September 2, 2013 among Verizon, Vodafone and Vodafone 4 Limited and to pay related fees and expenses. The loans under the Term Loan Credit Agreement will bear interest at a rate equal to, at the option of Verizon, the base rate (defined as the greater of the rate JPM announces publicly as its prime rate or the federal funds rate plus 0.50%, subject to a floor of LIBOR plus 1.00%) or LIBOR, in each case plus a margin to be determined by reference to Verizon’s credit ratings. For 3 Year Loans, the margin ranges from 0.125% to 0.875% in the case of base rate loans and 1.125% to 1.875% in the case of LIBOR loans. For 5-Year Loans, the margin ranges from 0.25% to 1.00% in the case of base rate loans and 1.25% to 2.00% in the case of LIBOR loans. 

Company Quote

-0.03 -0.06%
19 Dec 2014