In one of the largest corporate financings of the year, international law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partner Robert W. Mullen, Jr., acted as underwriters’ counsel in a series of major debt offerings by Verizon Communications Inc. totaling $4.5 billion.
The offerings included $1.0 billion of Verizon’s 0.70% Notes due 2015; $500 million of its 1.10% Notes due 2017; $1.75 billion of its 2.45% Notes due 2022; and $1.25 billion of its 3.85% Notes due 2042.
At the same time, Milbank acted as counsel to the dealer managers in Verizon’s concurrent cash tender offer for its outstanding 8.95% Notes due 2039.
For the Notes offering, Milbank represented Barclays, BofA Merrill Lynch, J.P. Morgan, RBS, Citigroup, Goldman, Sachs & Co., RBC Capital Markets and Wells Fargo Securities in their role as joint book-running managers. The firm also represented Credit Suisse, Deutsche Bank Securities, Mitsubishi UFJ Securities, Mizuho Securities, Santander and UBS Investment Bank acted as senior co-managers, and Lloyds Securities, SMBC Nikko and US Bancorp as co-managers.
For the tender offer, the firm represented Goldman, Sachs & Co., BofA Merrill Lynch and J.P. Morgan as dealer managers.
Commenting on the deal, Mr. Mullen said, “This transaction was conducted at an opportune time and enabled Verizon Communications to successfully reduce its financing costs.”
In addition to Mr. Mullen, the Milbank team included Global Securities associates Michael Lee, Adlin Castro, Megha Shah and Ranee Adipat. Verizon was represented by in-house attorneys David Kaufman, Vice President & Associate General Counsel, Karrie Schweikert, Assistant General Counsel, and Paul Hartzel, Assistant General Counsel.
Verizon Communications Inc. is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500.
