Verizon launched two coordinated transactions to repurchase 10 series of outstanding notes: exchange offers for qualified investors and cash offers for others. The exchange involves issuing new 2037 notes with a 5.401% coupon, capped at $2.5 billion, while the cash offers are limited to $300 million. Acceptance follows a priority-based waterfall system. Both offers expire on June 18, 2025, and include additional cash payments for accrued interest. Completion of each offer is conditional on the success of its counterpart.