Filed Pursuant to Rule 433
Registration No. 333-213439
Final Term Sheet
October 23, 2017
VERIZON COMMUNICATIONS INC.
€1,250,000,000 1.375% Notes due 2026
€750,000,000 1.875% Notes due 2029
€1,500,000,000 2.875% Notes due 2038
£1,000,000,000 3.375% Notes due 2036
| Issuer: | Verizon Communications Inc. (“Verizon”) | |||||||
| Title of Securities: | 1.375% Notes due 2026 (“Euro Notes due 2026”) | |||||||
| 1.875% Notes due 2029 (“Euro Notes due 2029”) 2.875% Notes due 2038 (“Euro Notes due 2038” and, together with the Euro Notes due 2026 and the Euro Notes due 2029, the “Euro Notes”) 3.375% Notes due 2036 (the “Sterling Notes”) | ||||||||
| Trade Date: | October 23, 2017 | |||||||
| Settlement Date (T+4): | October 27, 2017 | |||||||
| Maturity Date: | Euro Notes due 2026: | October 27, 2026 | ||||||
| Euro Notes due 2029: | October 26, 2029 | |||||||
| Euro Notes due 2038: | January 15, 2038 | |||||||
| Sterling Notes: | October 27, 2036 | |||||||
| Interest Payment Dates: | Euro Notes due 2026: | Annually in arrears on each October 27, commencing October 27, 2018 | ||||||
| Euro Notes due 2029: | Annually in arrears on each October 26, commencing October 26, 2018 | |||||||
| Euro Notes due 2038: | Annually in arrears on each January 15, commencing January 15, 2018 | |||||||
| Sterling Notes: | Annually in arrears on each October 27, commencing October 27, 2018 | |||||||
| Aggregate Principal Amount Offered: | Euro Notes due 2026: | €1,250,000,000 | ||||||
| Euro Notes due 2029: | €750,000,000 | |||||||
| Euro Notes due 2038: | €1,500,000,000 | |||||||
| Sterling Notes: | £1,000,000,000 | |||||||
| Public Offering Price: | Euro Notes due 2026: | 99.681% plus accrued interest, if any, from October 27, 2017 | ||||||
| Euro Notes due 2029: | 98.962% plus accrued interest, if any, from October 27, 2017 | |||||||
| Euro Notes due 2038: | 99.432% plus accrued interest, if any, from October 27, 2017 | |||||||
| Sterling Notes: | 98.631% plus accrued interest, if any, from October 27, 2017 | |||||||
| Pricing Benchmark: | Euro Notes due 2026: | 9-year EUR mid-swap | ||||||
| Euro Notes due 2029: | 12-year EUR mid-swap | |||||||
| Euro Notes due 2038: | Interpolated EUR mid-swap | |||||||
| Sterling Notes: | UKT 4.250% due 2036 | |||||||
| Pricing Benchmark Yield: | Euro Notes due 2026: | 0.763% | ||||||
| Euro Notes due 2029: | 1.073% | |||||||
| Euro Notes due 2038: | 1.463% | |||||||
| Sterling Notes: | 1.795% | |||||||
| Re-offer Spread vs. | Euro Notes due 2026: | MS + 65 basis points | ||||||
| Pricing Benchmark: | Euro Notes due 2029: | MS + 90 basis points | ||||||
| Euro Notes due 2038: | MS + 145 basis points | |||||||
| Sterling Notes: | G + 165 basis points | |||||||
| Re-offer Yield (annual): | Euro Notes due 2026: | 1.413% | ||||||
| Euro Notes due 2029: | 1.973% | |||||||
| Euro Notes due 2038: | 2.913% | |||||||
| Sterling Notes: | 3.475% | |||||||
| Government Benchmark: | Euro Notes due 2026: | DBR 0.000% due August 15, 2026 | ||||||
| Euro Notes due 2029: | DBR 0.500% due August 15, 2027 | |||||||
| Euro Notes due 2038: | DBR 4.000% due January 4, 2037 | |||||||
| Sterling Notes: | UKT 4.250% due March 7, 2036 | |||||||
| Re-offer Spread vs. | Euro Notes due 2026: | B + 114.0 basis points | ||||||
| Government Benchmark: | Euro Notes due 2029: | B + 154.0 basis points | ||||||
| Euro Notes due 2038: | B + 195.6 basis points | |||||||
| Sterling Notes: | G + 165.0 basis points | |||||||
| Proceeds to Verizon (before expenses): | Euro Notes due 2026: | 99.281% | ||||||
| Euro Notes due 2029: | 98.562% | |||||||
| Euro Notes due 2038: | 99.032% | |||||||
| Sterling Notes: | 98.231% | |||||||
| Interest Rate: | Euro Notes due 2026: | 1.375% per annum | ||||||
| Euro Notes due 2029: | 1.875% per annum | |||||||
| Euro Notes due 2038: | 2.875% per annum | |||||||
| Sterling Notes: | 3.375% per annum | |||||||
| Denominations: | Euro Notes: | Minimum of €100,000 and integral multiples of €1,000 in excess of €100,000 | ||||||
| Sterling Notes: | Minimum of £100,000 and integral multiples of £1,000 in excess of £100,000 | |||||||
| Optional Redemption: | Euro Notes due 2026: Make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2026 being redeemed or the discounted present value at the Comparable Government Bond Rate plus 20 basis points, plus accrued and unpaid interest | |||||||
| Euro Notes due 2029: Make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2029 being redeemed or the discounted present value at the Comparable Government Bond Rate plus 25 basis points, plus accrued and unpaid interest | ||||||||
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Euro Notes due 2038: Make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2038 being redeemed or the discounted present value at the Comparable Government Bond Rate plus 30 basis points, plus accrued and unpaid interest |
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Sterling Notes: Make-whole call at the greater of 100% of the principal amount of the Sterling Notes being redeemed or the discounted present value at the Comparable Government Bond Rate plus 25 basis points, plus accrued and unpaid interest |
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| CUSIPs: | Euro Notes due 2026: | 92343VEC4 | ||||||||||||||
| Euro Notes due 2029: | 92343VED2 | |||||||||||||||
| Euro Notes due 2038: | 92343VEE0 | |||||||||||||||
| Sterling Notes: | 92343VEF7 | |||||||||||||||
| ISINs: | Euro Notes due 2026: | XS1708161291 | ||||||||||||||
| Euro Notes due 2029: | XS1708167652 | |||||||||||||||
| Euro Notes due 2038: | XS1708335978 | |||||||||||||||
| Sterling Notes: | XS1708168890 | |||||||||||||||
| Common Codes: | Euro Notes due 2026: | 170816129 | ||||||||||||||
| Euro Notes due 2029: | 170816765 | |||||||||||||||
| Euro Notes due 2038: | 170833597 | |||||||||||||||
| Sterling Notes: | 170816889 | |||||||||||||||
| Listing: | |
Verizon intends to apply to list the notes on the New York Stock Exchange (the “NYSE”). Trading in the notes on the NYSE is expected to begin within 30 days after the original issue, but the listing application is subject to review by the NYSE. Verizon has no obligation to maintain such listing and may delist the notes at any time. |
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| Allocation: | Principal Amount of Euro Notes due 2026 |
Principal Amount of Euro Notes due 2029 |
Principal Amount of Euro Notes due 2038 |
Principal Amount of Sterling Notes |
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| Barclays Bank PLC |
€ | 291,667,000 | € | 175,000,000 | € | 350,000,000 | £ | 233,334,000 | ||||||||
| Credit Suisse Securities (Europe) Limited |
€ | 291,667,000 | € | 175,000,000 | € | 350,000,000 | £ | 233,333,000 | ||||||||
| Deutsche Bank AG, London Branch |
€ | 291,666,000 | € | 175,000,000 | € | 350,000,000 | £ | 233,333,000 | ||||||||
| Banco Santander, S.A. |
€ | 104,167,000 | € | 62,500,000 | € | 125,000,000 | £ | 83,334,000 | ||||||||
| Citigroup Global Markets Limited |
€ | 104,167,000 | € | 62,500,000 | € | 125,000,000 | £ | 83,333,000 | ||||||||
| Mizuho International plc |
€ | 104,166,000 | € | 62,500,000 | € | 125,000,000 | £ | 83,333,000 | ||||||||
| ICBC Standard Bank Plc |
€ | 16,667,000 | € | 10,000,000 | € | 20,000,000 | £ | 13,334,000 | ||||||||
| PNC Capital Markets LLC |
€ | 16,667,000 | € | 10,000,000 | € | 20,000,000 | £ | 13,333,000 | ||||||||
| Société Générale |
€ | 16,666,000 | € | 10,000,000 | € | 20,000,000 | £ | 13,333,000 | ||||||||
| Blaylock Van, LLC |
€ | 6,250,000 | € | 3,750,000 | € | 7,500,000 | £ | 5,000,000 | ||||||||
| The Williams Capital Group, L.P. |
€ | 6,250,000 | € | 3,750,000 | € | 7,500,000 | £ | 5,000,000 | ||||||||
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| Total |
€ | 1,250,000,000 | € | 750,000,000 | € | 1,500,000,000 | £ | 1,000,000,000 | ||||||||
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| Reference Document: | |
Preliminary Prospectus Supplement, subject to completion, dated October 23, 2017, Prospectus dated September 1, 2016 |
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The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Bank PLC at +888-603-5847, Credit Suisse Securities (Europe) Limited at +1-800-221-1037 or Deutsche Bank AG, London Branch at +1-800-503-4611 or contacting the issuer at:
Investor Relations
Verizon Communications Inc.
One Verizon Way
Basking Ridge, New Jersey 07920
Telephone: (212) 395-1525
Internet Site: www.verizon.com/about/investors
Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.