27th Nov 2008 07:00
Verizon Communications Inc.
Notice of filing with U.S. Securities and Exchange Commission
On November 25, 2008, Verizon Communications Inc. (Verizon) filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) stating that on November 13, 2008, Cellco Partnership ("Cellco"), doing business as Verizon Wireless, repaid in full the remaining borrowings outstanding under its $7,550,000,000 Credit Agreement dated June 5, 2008 between Cellco and Morgan Stanley Senior Funding Inc., as administrative agent, as amended (the "Credit Agreement"). Verizon owns a controlling 55% interest in Cellco. The maturity date of the Credit Agreement was June 4, 2009. It also states that on November 21, 2008, Cellco and its wholly owned subsidiary, Verizon Wireless Capital LLC (together with Cellco, the "Issuers"), issued $1,250,000,000 aggregate principal amount of 7.375% notes due 2013, and $2,250,000,000 aggregate principal amount of 8.500% notes due 2018 (collectively, the "Notes"). The Notes are the joint and several obligations of the Issuers. The Issuers intend to use the net proceeds from the sale of the Notes to finance a portion of the cost of purchasing the shares of Alltel Corporation ("Alltel"), which Cellco agreed to acquire on June 5, 2008, as well as costs associated with the refinancing of Alltel's debt and related fees and expenses. This report may be viewed in more detail on the SEC website at www.sec.gov and on the Verizon website at www.verizon.com.
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