It seems appropriate that the financing of Verizon Communications’ buyout of Vodafone Group Plc from its mobile network joint venture would break so many records: The figures involved were so large they could easily be mistaken for phone numbers.
The $130 billion M&A deal, which saw Verizon acquire Vodafone’s 45 percent stake in Verizon Wireless, was backed by a $61 billion bridge loan—the largest bank financing in history. The loan was itself refinanced with a permanent capital structure including a $49 billion issuance of corporate bonds, which also made it the largest bond offering ever.
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