Genuity raises more than $1 billion in debt
Genuity raised $1.15 billion through the sale of four-year, floating-rate notes, which are backed by a letter of credit drawn from the company’s $2 billion bank credit facility. In addition, Verizon Communications increased the amount of its credit facility with Genuity to $2 billion and extended its maturity to 2005.
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The combined transactions give Genuity $4 billion in committed, long-term debt capital, which will be used to fund the company’s general business needs.
--Toby Weber, staff writer
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© 2012 Penton Media Inc.
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