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Verizon Communications Inc closes sale of Euro and Sterling notes with proceeds of $5.4 bln in value

Wednesday, 12 Feb 2014 09:15am EST 

Verizon Communications Inc:Closes on the sale of three series of its capital markets notes 1,750,000,000 euros 2.375 pct Notes due 2022, 1,250,000,000 euros 3.25 pct notes due 2026 and 850,000,000 Pound 4.75 pct notes due 2034 with a value totaling about $5.4 bln.Says corporate notes offering in euro and sterling.Says net proceeds will be used primarily to finance, in part, Verizon's acquisition of Vodafone Group Plc's 45 pct indirect ownership interest in Verizon Wireless.Says net proceeds used to finance this acquisition will reduce anticipated borrowings under a term loan agreement, dated Oct. 1, 2013, which provides Verizon with the ability to borrow up to $12.0 bln.Says to the extent that the net proceeds from this offering are not used to finance the acquisition, which is expected to close on Feb. 21, they will be used for general corporate purposes. 

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