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Verizon has biggest bond sale in history


September 11. 2013 1:41PM
Associated Press

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(AP) 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.


Associated Press


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