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Verizon Said to Set Rate on $14 Billion of Loans

Company is using two $6 billion term loans and a $2 billion revolver to support purchase of Vodafone's stake in Verizon Wireless.

By Christine Idzelis and Jeannine Amodeo, Bloomberg | Updated on September 10, 2013

Verizon Communications Inc. set the rate on $14 billion of loans it’s seeking to back its purchase of a stake in its wireless unit from Vodafone Group Plc, according to a person with knowledge of the transaction.

A $6 billion term loan due in three years will pay interest at 1.375 percentage points more than the London interbank offered rate (Libor), while a $6 billion term loan maturing in five years will have a rate of 1.5 percentage points more than Libor, according to the person, who asked not to be identified because they are not authorized to speak publicly.

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