FWP

Filed Pursuant to Rule 433

Registration No. 333-213439

Final Term Sheet

April 2, 2019

VERIZON COMMUNICATIONS INC.

€1,250,000,000 0.875% Notes due 2027

€1,250,000,000 1.250% Notes due 2030

£500,000,000 2.500% Notes due 2031

 

Issuer:    Verizon Communications Inc. (“Verizon”)
Title of Securities:   

0.875% Notes due 2027 (“Euro Notes due 2027”)

1.250% Notes due 2030 (“Euro Notes due 2030”)

2.500% Notes due 2031 (the “Sterling Notes”)

Trade Date:    April 2, 2019
Settlement Date (T+4):    April 8, 2019
Maturity Date:    Euro Notes due 2027:    April 8, 2027
   Euro Notes due 2030:    April 8, 2030
   Sterling Notes:    April 8, 2031
Interest Payment Dates:    Euro Notes due 2027:   

Annually in arrears on each April 8,

commencing April 8, 2020

   Euro Notes due 2030:   

Annually in arrears on each April 8,

commencing April 8, 2020

   Sterling Notes:   

Annually in arrears on each April 8,

commencing April 8, 2020

Aggregate Principal Amount Offered:    Euro Notes due 2027:    €1,250,000,000
   Euro Notes due 2030:    €1,250,000,000
   Sterling Notes:    £500,000,000
Public Offering Price:    Euro Notes due 2027:   

99.631% plus accrued interest, if any,

from April 8, 2019

   Euro Notes due 2030:   

99.338% plus accrued interest, if any,

from April 8, 2019

   Sterling Notes:    99.591% plus accrued interest, if any, from April 8, 2019
Pricing Benchmark:    Euro Notes due 2027:    8-year EUR mid-swap
   Euro Notes due 2030:    11-year EUR mid-swap
   Sterling Notes:    12-year GBP
Pricing Benchmark Yield:    Euro Notes due 2027:    0.293%
   Euro Notes due 2030:    0.565%
   Sterling Notes:    1.094%
Re-offer Spread vs.    Euro Notes due 2027:    MS + 63 basis points
Pricing Benchmark:    Euro Notes due 2030:    MS + 75 basis points
   Sterling Notes:    G + 143 basis points
Re-offer Yield (annual):    Euro Notes due 2027:    0.923%
   Euro Notes due 2030:    1.315%
   Sterling Notes:    2.540%


Government Benchmark:    Euro Notes due 2027:    DBR 0.250% due February 15, 2027
   Euro Notes due 2030:    DBR 0.250% due February 15, 2029
   Sterling Notes:    UKT 4.750% due December 7, 2030
Re-offer Spread vs.    Euro Notes due 2027:    B + 117.00 basis points
Government Benchmark:    Euro Notes due 2030:    B + 136.60 basis points
   Sterling Notes:    G + 143.00 basis points
Proceeds to Verizon (before expenses):    Euro Notes due 2027:    99.331%
   Euro Notes due 2030:    98.963%
   Sterling Notes:    99.216%
Interest Rate:    Euro Notes due 2027:    0.875% per annum
   Euro Notes due 2030:    1.250% per annum
   Sterling Notes:    2.500% 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

Redemption:    Euro Notes due 2027: (i) at any time prior to January 8, 2027 (three months prior to maturity) (the “Euro Notes due 2027 Par Call Date”), make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2027 being redeemed, or the discounted present value at the Comparable Government Bond Rate plus 20 basis points, assuming for such purpose that the Euro Notes due 2027 matured on the Euro Notes due 2027 Par Call Date, plus accrued and unpaid interest and (ii) at any time on or after the Euro Notes due 2027 Par Call Date, at 100% of the principal amount of the Euro Notes due 2027 being redeemed plus accrued and unpaid interest
   Euro Notes due 2030: (i) at any time prior to January 8, 2030 (three months prior to maturity) (the “Euro Notes due 2030 Par Call Date”), make-whole call at the greater of 100% of the principal amount of the Euro Notes due 2030 being redeemed, or the discounted present value at the Comparable Government Bond Rate plus 25 basis points, assuming for such purpose that the Euro Notes due 2030 matured on the Euro Notes due 2030 Par Call Date, plus accrued and unpaid interest and (ii) at any time on or after the Euro Notes due 2030 Par Call Date, at 100% of the principal amount of the Euro Notes due 2030 being redeemed plus accrued and unpaid interest
   Sterling Notes: (i) at any time prior to January 8, 2031 (three months prior to maturity) (the “Sterling Notes Par Call Date”), 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, assuming for such purpose that the


   Sterling Notes matured on the Sterling Notes Par Call Date, plus accrued and unpaid interest and (ii) at any time on or after the Sterling Notes Par Call Date, at 100% of the principal amount of the Sterling Notes being redeemed plus accrued and unpaid interest
CUSIPs:    Euro Notes due 2027:    92343V EV2
   Euro Notes due 2030:    92343V EW0
   Sterling Notes:    92343V EX8
ISINs:    Euro Notes due 2027:    XS1979280853
   Euro Notes due 2030:    XS1979280937
   Sterling Notes:    XS1979281158
Common Codes:    Euro Notes due 2027:    197928085
   Euro Notes due 2030:    197928093
   Sterling Notes:    197928115
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 2027
       Principal
Amount of
Euro Notes
due 2030
       Principal
Amount of
Sterling Notes
 

Barclays Bank PLC

   275,000,000        275,000,000        £ 110,000,000  

Deutsche Bank AG, London Branch

   275,000,000        275,000,000        £ 110,000,000  

J.P. Morgan Securities plc

   275,000,000        275,000,000        £ 110,000,000  

RBC Europe Limited

   93,750,000        93,750,000        £ 37,500,000  

Banco Santander, S.A.

   93,750,000        93,750,000        £ 37,500,000  

Morgan Stanley & Co. International plc

   50,000,000        50,000,000        £ 20,000,000  

Credit Suisse Securities (Europe) Limited

   50,000,000        50,000,000        £ 20,000,000  

BNP Paribas

   50,000,000        50,000,000        £ 20,000,000  

Loop Capital Markets LLC

   50,000,000        50,000,000        £ 20,000,000  

The Williams Capital Group, L.P.

   12,500,000        12,500,000        £ 5,000,000  

Drexel Hamilton, LLC

   12,500,000        12,500,000        £ 5,000,000  

CastleOak Securities, L.P.

   12,500,000        12,500,000        £ 5,000,000  
  

 

 

      

 

 

      

 

 

 

Total

   1,250,000,000        1,250,000,000        £ 500,000,000  
  

 

 

      

 

 

      

 

 

 

 

Reference Document:    Preliminary Prospectus Supplement, subject to completion, dated April 2, 2019, 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 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, Deutsche Bank AG, London Branch at +1-800-503-4611 or J.P. Morgan Securities plc at +44-207-134-2468, 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.