Final Term Sheet

Filed Pursuant to Rule 433

Registration No. 333-190954

Final Term Sheet

July 27, 2016

VERIZON COMMUNICATIONS INC.

$400,000,000 Floating Rate Notes due 2019

$1,000,000,000 1.375% Notes due 2019

$1,000,000,000 1.750% Notes due 2021

$2,250,000,000 2.625% Notes due 2026

$1,500,000,000 4.125% Notes due 2046

 

Issuer:

  Verizon Communications Inc. (“Verizon”)

Title of Securities:

  Floating Rate Notes due 2019 (the “Floating Rate Notes”)
  1.375% Notes due 2019 (the “Notes due 2019”)
  1.750% Notes due 2021 (the “Notes due 2021”)
  2.625% Notes due 2026 (the “Notes due 2026”)
  4.125% Notes due 2046 (the “Notes due 2046”)

Trade Date:

  July 27, 2016

Settlement Date (T+3):

  August 1, 2016

Maturity Date:

  Floating Rate Notes:   August 15, 2019
 

Notes due 2019:

  August 15, 2019
  Notes due 2021:   August 15, 2021
 

Notes due 2026:

  August 15, 2026
 

Notes due 2046:

  August 15, 2046

Interest Payment Dates:

  Floating Rate Notes:   Quarterly on each February 15, May 15, August 15 and November 15, commencing on November 15, 2016
 

Notes due 2019:

  Semiannually on each February 15 and August 15, commencing February 15, 2017
 

Notes due 2021:

  Semiannually on each February 15 and August 15, commencing February 15, 2017
 

Notes due 2026:

  Semiannually on each February 15 and August 15, commencing February 15, 2017
 

Notes due 2046:

  Semiannually on each February 15 and August 15, commencing February 15, 2017

Aggregate Principal Amount Offered:

  Floating Rate Notes:   $400,000,000
  Notes due 2019:   $1,000,000,000
  Notes due 2021:   $1,000,000,000
  Notes due 2026:   $2,250,000,000
  Notes due 2046:   $1,500,000,000


Public Offering Price:

  Floating Rate Notes:   100.000% plus accrued interest, if any, from August 1, 2016
 

Notes due 2019:

  99.991% plus accrued interest, if any, from August 1, 2016
 

Notes due 2021:

  99.564% plus accrued interest, if any, from August 1, 2016
 

Notes due 2026:

  99.745% plus accrued interest, if any, from August 1, 2016
 

Notes due 2046:

  99.947% plus accrued interest, if any, from August 1, 2016

Underwriting Discount:

  Floating Rate Notes:   0.20%
 

Notes due 2019:

  0.20%
 

Notes due 2021:

  0.30%
 

Notes due 2026:

  0.40%
 

Notes due 2046:

  0.75%

Proceeds to Verizon (before expenses):

  Floating Rate Notes:   99.800%
 

Notes due 2019:

  99.791%
 

Notes due 2021:

  99.264%
 

Notes due 2026:

  99.345%
 

Notes due 2046:

  99.197%

Interest Rate:

  Floating Rate Notes:   Three-month LIBOR plus 0.370%, to be reset quarterly as described in the Prospectus Supplement
 

Notes due 2019:

  1.375% per annum
 

Notes due 2021:

  1.750% per annum
 

Notes due 2026:

  2.625% per annum
 

Notes due 2046:

  4.125% per annum

Denominations:

  Minimum of $2,000 and integral multiples of $1,000 in excess of $2,000

Optional Redemption:

  Floating Rate Notes:   Not redeemable prior to maturity
 

Notes due 2019:

  Make-whole call at the greater of 100% of the principal amount of the Notes due 2019 being redeemed or the discounted present value at Treasury Rate plus 10 basis points, plus accrued and unpaid interest
 

Notes due 2021:

  Make-whole call at the greater of 100% of the principal amount of the Notes due 2021 being redeemed or the discounted present value at Treasury Rate plus 15 basis points, plus accrued and unpaid interest
 

Notes due 2026:

  Make-whole call at the greater of 100% of the principal amount of the Notes due 2026 being redeemed or the discounted present value at Treasury Rate plus 20 basis points, plus accrued and unpaid interest
 

Notes due 2046:

  Make-whole call at the greater of 100% of the principal amount of the Notes due 2046 being redeemed or the discounted present value at Treasury Rate plus 30 basis points, plus accrued and unpaid interest


Representatives:

 

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

Merrill, Lynch, Pierce, Fenner & Smith

                      Incorporated

Mizuho Securities USA Inc.

 
   

Allocation:

   Principal
Amount of
Floating Rate

Notes:
     Principal
Amount of
Notes due 2019:
     Principal
Amount of
Notes due 2021:
     Principal
Amount of
Notes due 2026:
     Principal
Amount of
Notes due 2046:
 

Deutsche Bank Securities Inc.

   $ 85,000,000       $ 212,500,000       $ 212,500,000       $ 478,125,000       $ 318,750,000   

Goldman, Sachs & Co.

     85,000,000         212,500,000         212,500,000         478,125,000         318,750,000   

Merrill Lynch, Pierce, Fenner & Smith

                      Incorporated

     85,000,000         212,500,000         212,500,000         478,125,000         318,750,000   

Mizuho Securities USA Inc.

     85,000,000         212,500,000         212,500,000         478,125,000         318,750,000   

Morgan Stanley & Co. LLC

     14,000,000         35,000,000         35,000,000         78,750,000         52,500,000   

Wells Fargo Securities, LLC

     14,000,000         35,000,000         35,000,000         78,750,000         52,500,000   

BNY Mellon Capital Markets, LLC

     4,000,000         10,000,000         10,000,000         22,500,000         15,000,000   

PNC Capital Markets LLC

     4,000,000         10,000,000         10,000,000         22,500,000         15,000,000   

SMBC Nikko Securities America, Inc.

     4,000,000         10,000,000         10,000,000         22,500,000         15,000,000   

U.S. Bancorp Investments, Inc.

     4,000,000         10,000,000         10,000,000         22,500,000         15,000,000   

Academy Securities, Inc.

     3,200,000         8,000,000         8,000,000         18,000,000         12,000,000   

Great Pacific Securities

     3,200,000         8,000,000         8,000,000         18,000,000         12,000,000   

Lebenthal & Co., LLC

     3,200,000         8,000,000         8,000,000         18,000,000         12,000,000   

Mischler Financial Group, Inc.

     3,200,000         8,000,000         8,000,000         18,000,000         12,000,000   

The Williams Capital Group, L.P.

     3,200,000         8,000,000         8,000,000         18,000,000         12,000,000   

Total

   $ 400,000,000       $ 1,000,000,000       $ 1,000,000,000       $ 2,250,000,000       $ 1,500,000,000   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

Reference Document:

  Preliminary Prospectus Supplement, subject to completion, dated July 27, 2016, Prospectus dated July 27, 2016.

The issuer has filed a registration statement (including a prospectus) with 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 Deutsche Bank Securities Inc. toll-free at (800) 503-4611, Goldman, Sachs & Co. toll-free at (800) 828-3182, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at (800) 294-1322 or Mizuho Securities USA Inc. toll-free at (866) 271-7403.

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.