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On Monday, Verizon Communications Inc (NYSE:VZ). announced intentions to issue investment-grade corporate bonds to partially fund the redemption of approximately $1 billion in notes maturing next year. The telecommunications giant is in the process of marketing 10-year notes, targeting an initial yield that is expected to be between 1.2 and 1.25 percentage points above the yield on Treasuries.
The bond sale is being led by a consortium of financial institutions, including Citigroup Inc (NYSE:C)., Mizuho Financial Group (NYSE:MFG) Inc., Santander (BME:SAN), and Wells Fargo (NYSE:WFC) Securities. The specifics of the deal are being closely guarded, with information coming from sources who prefer to remain anonymous due to the private nature of the discussions.
Verizon aims to use the proceeds from the bond sale to facilitate the redemption of its 2.625% notes that are due in 2026. The company disclosed this redemption plan on Monday, revealing that there is roughly $985 million of these notes currently outstanding. The redemption is part of Verizon’s broader financial strategy to manage its debt obligations effectively.
The move to redeem the 2026 notes ahead of schedule reflects Verizon’s proactive approach to its financial management. By taking advantage of the current market conditions to issue new debt, Verizon is positioning itself to address its future financial commitments in a timely manner.
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