Verizon’s Global Hybrid Bond-Sale Push Reaches $12 Billion (1)

Verizon Communications Inc.has raised about $12 billion from hybrid debt sales over the past six months as the US telecommunications company explores ways to support its investment-grade ratings.

The company’s latest offering, a debut US dollar bond, follows similar deals in euros, sterling and the Australian dollar. Borrowers have sold a record number of such deals this year, in part to improve credit metrics since a portion of hybrids are treated as equity by ratings firms.

Verizon is trying to reduce leverage following its acquisition of Frontier Communications. It paid off about half of the deal’s debt ...