Milbank LLP advised the underwriters in connection with Verizon’s concurrent offerings of hybrid securities, consisting of €2.25 billion 4.2462% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 and £600 million 5.7427% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 (collectively, the “subordinated notes”). Each of the subordinated notes included “step-ups” with a coupon resetting feature. Verizon intends to use the net proceeds from the offerings for general corporate purposes, which may include, depending on market and other conditions, the redemption of its outstanding indebtedness. The Milbank deal team was led by Corporate Finance and Securities partner Paul Denaro with associates Abir Varma and Kendall Langs and law clerk Kelsey Rodriguez, as well as Tax partner Andrew Walker and associate Blake Rocks.