FWP

Filed Pursuant to Rule 433

Registration No. 333-213439

Final Term Sheet

October 26, 2016

VERIZON COMMUNICATIONS INC.

€1,000,000,000 0.500% Notes due 2022

€1,000,000,000 0.875% Notes due 2025

€1,250,000,000 1.375% Notes due 2028

£450,000,000 3.125% Notes due 2035

 

Issuer:

   Verizon Communications Inc. (“Verizon”)

Title of Securities:

   0.500% Notes due 2022 (“Euro Notes due 2022”)
   0.875% Notes due 2025 (“Euro Notes due 2025”)
   1.375% Notes due 2028 (“Euro Notes due 2028” and, together with the Euro Notes due 2022 and the Euro Notes due 2025, the “Euro Notes”)
   3.125% Notes due 2035 (the “Sterling Notes”)

Trade Date:

   October 26, 2016   

Settlement Date (T+5):

   November 2, 2016   

Maturity Date:

   Euro Notes due 2022:    June 2, 2022
   Euro Notes due 2025:    April 2, 2025
   Euro Notes due 2028:    November 2, 2028
   Sterling Notes:    November 2, 2035

Interest Payment Dates:

   Euro Notes due 2022:    Annually in arrears on each June 2, commencing June 2, 2017
   Euro Notes due 2025:    Annually in arrears on each April 2, commencing April 2, 2017
   Euro Notes due 2028:    Annually in arrears on each November 2, commencing November 2, 2017
   Sterling Notes:    Annually in arrears on each November 2, commencing November 2, 2017

Aggregate Principal Amount Offered:

   Euro Notes due 2022:    €1,000,000,000
   Euro Notes due 2025:    €1,000,000,000
   Euro Notes due 2028:    €1,250,000,000
   Sterling Notes:    £450,000,000

Public Offering Price:

   Euro Notes due 2022:    99.858% plus accrued interest, if any, from November 2, 2016
   Euro Notes due 2025:    99.429% plus accrued interest, if any, from November 2, 2016
   Euro Notes due 2028:    99.299% plus accrued interest, if any, from November 2, 2016
   Sterling Notes:    99.070% plus accrued interest, if any, from November 2, 2016

Pricing Benchmark:

   Euro Notes due 2022:    Interpolated EUR mid-swap
   Euro Notes due 2025:    Interpolated EUR mid-swap
   Euro Notes due 2028:    12-year EUR mid-swap
   Sterling Notes:    UKT 4.500% due 2034


Pricing Benchmark Yield:

   Euro Notes due 2022:    0.026%
   Euro Notes due 2025:    0.296%
   Euro Notes due 2028:    0.609%
   Sterling Notes:    1.616%

Re-offer Spread vs.

     

Pricing Benchmark:

   Euro Notes due 2022:    MS + 50 basis points
   Euro Notes due 2025:    MS + 65 basis points
   Euro Notes due 2028:    MS + 83 basis points
   Sterling Notes:    G + 155 basis points

Re-offer Yield (annual):

   Euro Notes due 2022:    0.526%
   Euro Notes due 2025:    0.946%
   Euro Notes due 2028:    1.439%
   Sterling Notes:    3.191%

Government Benchmark:

   Euro Notes due 2022:    DBR 2.000% due January 4, 2022
   Euro Notes due 2025:    DBR 0.500% due February 15, 2025
   Euro Notes due 2028:    DBR 0.000% due August 15, 2026
   Sterling Notes:    UKT 4.500% due September 7, 2034

Re-offer Spread vs.

     

Government Benchmark:

   Euro Notes due 2022:    B + 95.2 basis points
   Euro Notes due 2025:    B + 108.9 basis points
   Euro Notes due 2028:    B + 135.2 basis points
   Sterling Notes:    G + 155.0 basis points

Proceeds to Verizon (before expenses):

   Euro Notes due 2022:    99.628%
   Euro Notes due 2025:    99.104%
   Euro Notes due 2028:    98.924%
   Sterling Notes:    98.595%

Interest Rate:

   Euro Notes due 2022:    0.500% per annum
   Euro Notes due 2025:    0.875% per annum
   Euro Notes due 2028:    1.375% per annum
   Sterling Notes:    3.125% 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 2022: Make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2022 being redeemed or the discounted present value at the Comparable Government Bond Rate plus 15 basis points, plus accrued and unpaid interest
   Euro Notes due 2025: Make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2025 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 2028: Make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2028 being redeemed or the discounted present value at the Comparable Government Bond Rate plus 20 basis points, plus accrued and unpaid interest
   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

CUSIPs:

   Euro Notes due 2022:    92343V DH4
   Euro Notes due 2025:    92343V DJ0
   Euro Notes due 2028:    92343V DK7
   Sterling Notes:    92343V DL5

ISINs:

   Euro Notes due 2022:    XS1405767275
   Euro Notes due 2025:    XS1405766897
   Euro Notes due 2028:    XS1405766624
   Sterling Notes:    XS1405769727

Common Codes:

   Euro Notes due 2022:    140576727
   Euro Notes due 2025:    140576689
   Euro Notes due 2028:    140576662
   Sterling Notes:    140576972

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.


Allocation:    Principal
Amount of
Euro Notes
due 2022
     Principal
Amount of
Euro Notes
due 2025
     Principal
Amount of
Euro Notes
due 2028
     Principal
Amount of

Sterling Notes
 

Barclays Bank PLC

   212,500,000       212,500,000       265,625,000       £ 95,625,000   

Citigroup Global Markets Limited

     212,500,000         212,500,000         265,625,000         95,625,000   

J.P. Morgan Securities plc

     212,500,000         212,500,000         265,625,000         95,625,000   

UBS Limited

     212,500,000         212,500,000         265,625,000         95,625,000   

Credit Suisse Securities (Europe) Limited

     80,001,000         80,001,000         100,002,000         36,000,000   

Banco Santander, S.A.

     10,000,000         10,000,000         12,500,000         4,500,000   

Lloyds Bank plc

     10,000,000         10,000,000         12,500,000         4,500,000   

Loop Capital Markets LLC

     10,000,000         10,000,000         12,500,000         4,500,000   

MUFG Securities EMEA plc

     10,000,000         10,000,000         12,500,000         4,500,000   

SMBC Nikko Capital Markets Limited

     10,000,000         10,000,000         12,500,000         4,500,000   

Wells Fargo Securities International Limited

     10,000,000         10,000,000         12,500,000         4,500,000   

Mischler Financial Group, Inc.

     3,333,000         3,333,000         4,166,000         1,500,000   

Samuel A. Ramirez & Company, Inc.

     3,333,000         3,333,000         4,166,000         1,500,000   

The Williams Capital Group, L.P.

     3,333,000         3,333,000         4,166,000         1,500,000   

Total

   1,000,000,000       1,000,000,000       1,250,000,000       £ 450,000,000   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Reference Document:

Preliminary Prospectus Supplement, subject to completion, dated October 26, 2016, Prospectus dated September 1, 2016

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 Web site 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 at +1-888-603-5847, Citigroup Global Markets Limited at +1-800-831-9146, J.P. Morgan Securities plc at +44-207-134-2468 or UBS Limited at +1-888-827-7275.

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