Oct, 2001 : Genuity Raises Over $1 Billion in Bond Offering

📅 October 3, 2001 - Genuity Inc. (genuity.com) announced yesterday that it recently raised $1.15 billion through the placement of four-year floatingrate notes. The notes are backed by a letter of credit drawn under thecompany's amended $2 billion credit agreement with a syndicate of banks. Inaddition, Verizon Communications (verizon.com) agreed to increase the amountof its credit facility with Genuity to $2 billion, and to extend thematurity to 2005.

With these transactions and the remaining amounts available under thecompany's credit agreement, Genuity has $4 billion in committed, long-termdebt capital.
"In a slowing economic environment, customers are not only looking forhigh-quality services, they also want to know that their provider isfinancially stable," said Daniel P. O'Brien, Genuity's CFO. "Securing thisfunding provides sufficient capacity to meet our business needs."
The placement of the floating rate notes was made through initial purchasersto qualified institutional buyers under Rule 144A of the Securities Act of1933.

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