Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced exchange offers for 11 series of debt securities issued by its wholly-owned subsidiaries, with a combined outstanding principal amount of approximately $945 million.

The company is offering to exchange existing notes from subsidiaries including Frontier Florida LLC, Alltel Corporation, and various Verizon state entities for new notes issued directly by Verizon Communications Inc. The exchange maintains the same economic terms, including interest rates ranging from 5.125% to 8.625% and maturity dates from 2028 to 2033.

Eligible holders who tender notes by the early participation date of June 1, 2026, will receive $1,000 principal amount of new notes plus a $1 cash consent payment for each $1,000 of old notes exchanged. Those participating after the early date but before the June 16, 2026 expiration will receive $950 in new notes per $1,000 of old notes, without the cash payment.

The exchange offers are restricted to qualified institutional buyers and certain non-U.S. persons who complete an eligibility certification. Participation requires simultaneous consent to proposed amendments that would eliminate certain restrictive covenants in the existing debt agreements.

Verizon is conducting separate concurrent cash tender offers for 20 series of notes, including the same 11 series involved in the exchange offers. The company stated neither offer is contingent on the other's completion.

Global Bondholder Services Corporation serves as exchange agent and information agent for the transactions. The settlement date is expected to be June 22, 2026.