Verizon hopes £600m exchange will be seen as win-win

Verizon coverage_map for new website
By Jon Hay
29 May 2014

Verizon Communications, the US mobile phone company, has launched an exchange offer, hoping to swap an old £600m bond with a coupon of 8.875% for new notes at a much lower rate.

The Baa1/BBB+/A- rated issuer stands to make a big saving on its interest bill – but hopes that investors will still see the transaction as a good trade, since they will be able to make a cash profit and extend duration.

Credit Suisse is running the transaction as ...

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