NEW YORK (MarketWatch) — Verizon Communications Inc. is seeking to refinance $8.2 billion in debt as it takes advantage of lower interest rates, according to a statement from the telecommunications company. The phone giant said it will buy back bonds with coupons as high as 8.5% for 2018 maturities. It is selling fixed- and floating-rate corporate bonds to finance the tender offer, according to documents filed with the Securities and Exchange Commission on Monday. Verizon’s offering of new debt is the second since its record $49 billion sale of bonds last September, which it used to finance a buyout of its wireless business. The 10-year notes that Verizon sold last fall traded at a yield of 4.116% on Monday, or 132 basis points more than comparable Treasurys, according to MarketAxess. The company also announced a reauthorization of its stock buyback program on Friday, and expects to repurchase as much as 100 million shares of common stock.
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