Verizon Wireless exceeds estimates in debt sale
Verizon Wireless sold $3.75 billion of debt in its first debt sale yesterday--50% more than the wireless carrier had anticipated. Proceeds from the debt sale will go toward paying down short-term debt.
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The wireless carrier, which is planning its IPO in mid-2002, also plans to pay $8.8 billion for mobile phone licenses from bankrupt NextWave Telecom, if Congress approves a pending settlement for the deal.
Terms of the bond deal include the sale of $2.5 billion of 5.375% five-year notes at 99.525 cents on the dollar, yielding 5.485%. In addition, $1.25 billion of two-year floating-rate notes were sold, yielding 2.243%. J.P. Morgan and Salomon Smith Barney arranged the Verizon Wireless sale.
Wall Street banks are currently urging investors to buy more investment-grade corporate bonds in anticipation of a recovery in the U.S. economy.
--Amalia D. Parthenios, staff writer
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© 2012 Penton Media Inc.
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