posttrib
CALM 
Weather Updates

Verizon has biggest bond sale in history

NEW YORK — Verizon Communications has sold $49 billion in bonds, the largest corporate bond sale in history.

The sale dwarfs the previous record, Apple’s sale of $17 billion in bonds in April.

The mammoth bond sale goes with a mammoth deal. Proceeds from the sale on Wednesday will help Verizon buy the rest of its U.S. wireless business from partner Vodafone. That $130 billion deal is expected to rank as the second-largest on record when completed. Verizon will use cash and stock for remainder of the buyout.

Verizon had to pay a hefty price to investors. It priced $11 billion-worth of 10-year notes at a yield of 5.19 percent, according to a deal document obtained by The Associated Press. That is well above the 4.51 percent yield for similar Verizon bonds.



© 2014 Sun-Times Media, LLC. All rights reserved. This material may not be copied or distributed without permission. For more information about reprints and permissions, visit www.suntimesreprints.com. To order a reprint of this article, click here.