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NEW YORK, Sept 9 (IFR) - Verizon Communications announced aSEC-registered multi-tranche bond on Monday that will financeits acquisition of Vodafone's 45% stake in Verizon Wireless.
The multi-tranche bond deal will consist of three-year fixedand floating notes, five-year fixed and floating notes and fourfixed rate tranches with seven-, 10-, 20- and 30-yearmaturities.
Initial price thoughts on the fixed rate tranches have beenheard at Treasuries plus 165bp on the three-year, T+190bp on thefive-year, T+215bp on the seven-year, T+225bp on the 10-year,T+250bp on the 20-year and T+265bp on the 30-year.
The bonds are expected to be rated Baa1/BBB+/A-, all withstable outlooks.
Books close on Tuesday afternoon, with pricing expected onWednesday.
Barclays, BofA Merrill Lynch, JP Morgan and Morgan Stanleyare active bookrunners, while Citi, Credit Suisse, Mizuho,Mitsubishi UFJ, RBC, RBS and Wells Fargo are passivebookrunners.
