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Verizon to price EUR3bn and GBP850m of bonds

Reuters - UK Focus

By Josie Cox

LONDON, Feb 5 (IFR) - Verizon Communications (LSE: VZC.L - news) will price EUR3bn and GBP850m of bonds across two euro tranches and a sterling tranche on Wednesday, to partly finance the company's USD130bn acquisition of Verizon Wireless from Vodafone agreed last year.

An eight-year EUR1.75bn will price at mid-swaps plus 88bp, a 12-year EUR1.35bn bond at mid-swaps plus 118bp and a GBP850m 20-year bond at Gilts plus 145bp.

One source said that combined books had reached EUR20bn equivalent, but joint bookrunners Credit Suisse (NYSE: CS - news) , Deutsche Bank (Xetra: DBK.DE - news) , RBS (LSE: RBS.L - news) and Santander did not provide an official update.

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The company priced a record USD49bn bond last September to partially cover the debt portion of its USD130bn acquisition of Vodafone's 45% holding in Verizon Wireless.

That issue was bigger than the three previous record-sized deals in corporate bond market history combined, and attracted a total book of over USD101bn. (Reporting by Josie Cox; editing by Alex Chambers)