Global Bondholder Services Corporation

Verizon repurchased a series of its outstanding notes for cash through a tender offer, with GBSC serving as depositary handling noteholder tenders.

Verizon ran a cash tender offer in March, then in July offered eligible institutional and non-U.S. noteholders the chance to swap older notes for newly issued notes with similar economic terms, in a private exchange not open to the general public. Participation levels and final results were announced later that year.

Verizon again offered eligible institutional and non-U.S. noteholders a private note exchange, letting them trade in older debt for newly issued notes. Pricing and final participation results were announced publicly once the offer closed in March.

Verizon combined a public cash tender offer with a consent solicitation (a request for noteholders to approve changes to certain terms in the notes' governing documents). The offer wrapped up in April with final results announced.

A busy year with four separate rounds: a January private note exchange (paired with a public cash tender) covering 18 series of notes; a March cash tender offer; a July private "hybrid" round combining tender and exchange elements across 17 series; and a November round pairing a private exchange (18 series) with a much larger public tender (31 series), both bundled with consent solicitations.

Three rounds this year: a March cash tender offer; a June private note exchange for 13 series paired with an accelerated 5-business-day cash tender; and a September cash tender offer.

Three rounds this year: a February private note exchange covering 19 series of notes, targeting up to $4 billion in newly issued notes; an April cash tender offer; and an October cash tender run in two tiers: a standard 20-business-day window and a faster 5-business-day window for smaller positions.

Verizon ran a private note exchange split into two tracks, one for longer-dated notes and one for shorter-dated notes, open only to qualified institutional and non-U.S. investors.

A private note exchange for 8 series of notes in September was followed by a public cash tender offer in October.

Verizon ran a public cash tender offer over a 20-business-day window; its pricing terms were later modified and supplemented partway through the offer.

Verizon conducted a public cash tender offer to repurchase outstanding notes.

A July private note exchange covered 10 series of notes, targeting up to $2.5 billion in newly issued notes, with pricing and final results announced in August. A separate public cash tender offer followed in November.

Verizon ran a June round pairing a private note exchange for 10 series with a concurrent public cash tender/exchange track for holders who weren't eligible to participate in the private side.

In May, Verizon launched a concurrent public cash tender offer (20 series of notes) alongside a private note exchange (11 series, restricted to qualified institutional and non-U.S. investors), both paired with consent solicitations to remove older restrictive covenants from legacy telephone-company debentures. Pricing terms were announced June 2, with settlement expected June 22, 2026.

AIG offered to exchange its outstanding equity units, extending the offer twice before announcing final results in November.

AIG launched an exchange offer swapping new senior notes for outstanding junior subordinated debentures, with early participation results announced in November.

AIG completed a registered exchange offer of notes in August, then in November launched a consent solicitation asking holders of its 8.125% debentures to approve changes to the debt's terms, with results announced in December.

AIG conducted a cash tender offer to repurchase outstanding notes.

AIG conducted a cash tender offer to repurchase outstanding notes.

AIG ran a modified Dutch-auction tender offer in March, combining a general "Any and All" offer with a separate offer specific to its parent-company notes, followed by another tender offer in June.

AIG conducted a cash tender offer to repurchase outstanding notes.

On behalf of its Validus Holdings subsidiary, AIG launched a consent solicitation asking holders of Validus's 8.875% senior notes to approve changes to the notes' terms; the solicitation was later extended.

AIG conducted a cash tender offer to repurchase outstanding notes in the fourth quarter.

AIG conducted a cash tender offer to repurchase outstanding notes in June.

Citigroup Inc. conducted a note exchange offer that closed out with a final report in December, and its subsidiary Citi Omni-Finance LLC (tied to Sears private-label credit card receivables) ran a separate tender offer for asset-backed notes, complete with its own offer to purchase and letter of transmittal.

Citigroup Inc. carried out an exchange offer for outstanding notes, with supplemental investor materials on the exchange released in early March and additional investor research and DTC recordkeeping continuing into the fall.

Citigroup ran four separate rounds this year: a January cash tender offer to purchase any and all of roughly $7.3 billion of outstanding notes, with results announced in early February; an April cash tender offer for approximately $1.1 billion of certain notes, with results announced in early May; a June cash tender offer for approximately $2.1 billion of certain notes, with results announced in early July; and a December exchange offer and consent solicitation covering notes of its subsidiary CitiFinancial Credit Company, which was extended twice before final results were announced January 25, 2011.

Citigroup was active across several fronts: a January consent solicitation asking holders of trust preferred securities (TRUPS) issued through Citigroup Capital XI to approve amended terms, extended twice before wrapping up in March; an April registered exchange offer, filed on SEC Form S-4, letting existing noteholders swap into newly registered notes; and, in May, a combined cash tender offer for up to $6.09 billion covering notes of both Citigroup Inc. and its subsidiary Citibank (South Dakota), National Association, with early results announced in early June and final results in late June.

Citigroup ran two rounds: an August offer to purchase seven series of outstanding notes that was upsized after strong early participation, with final results announced in mid-September; and a November offer to purchase twelve series of notes that was upsized from $910 million to as much as $1.195 billion, with final results announced just before Christmas.

Citigroup conducted three tender offers, each covering multiple note series and each upsized after strong early demand: four series in May-June, seven series in August-September, and three series in November-December.

Citigroup ran six tender offers this year, most upsized after early participation: three series in February-March; nine series in May-June; five series in July-August; two series in September-October (including final results on its 6.125% notes due 2018); and six series launched in late November that wrapped up with final results in early January 2015.

Citigroup's busiest year, running back-to-back cash tender offers covering three series in February-March, four series in March, six series in May-June, two series in June-July, and seven series in July-August, followed in the fall by two combined rounds of cash tender offers and consent solicitations, launched in late October and mid-November, that carried into December.

Citigroup ran two tender offers this year: an April-May round that was upsized after early participation, with reference yields set in mid-May and final results announced in late May; and a December offer to purchase five series of notes, with early results and reference yields set in mid-December and final results announced January 3, 2017.

Citigroup launched a cash tender offer in April, with a launch press release and offer to purchase filed for the round.

AT&T Wireless Services conducted a consent solicitation, asking noteholders to approve changes to its bonds' terms.

AT&T offered eligible institutional and non-U.S. investors a private exchange of its outstanding 8.750% senior notes for new notes, with pricing terms and early results announced in mid-August and the offer completed in early September.

AT&T conducted a cash tender offer to repurchase outstanding notes.

AT&T ran two exchange offers this year: a February round letting holders of sixteen series of DirecTV notes swap into AT&T notes following AT&T's acquisition of DirecTV, and an August round offering eligible institutional investors a private exchange, with pricing and expiration announced through early September.

AT&T launched a debt exchange offer covering forty-six series of notes in October, later adjusting pricing terms and deadlines before final results were announced in late November.

AT&T offered eligible institutional and non-U.S. investors a private exchange covering four series of notes, which expired in early April.

AT&T ran two rounds this year: a May-June exchange offer covering twenty-six series of notes originally issued by Warner Media and Historic TW Inc. (legacy Time Warner entities) following AT&T's acquisition of Time Warner, paired with a related cash tender offer; and a separate cash tender offer in November.

AT&T ran three rounds: a July cash tender offer; an August-September private exchange offer covering forty-two series of notes that was later upsized, with pricing announced mid-September; and a November-December private exchange offer covering thirteen series of notes, with pricing announced in early December.

AT&T conducted a cash tender offer in May, covering both discount-coupon and high-coupon note categories.

Anheuser-Busch InBev commenced exchange offers in November for seven series of SABMiller notes into Anheuser-Busch InBev notes, combined with consent solicitations, with early participation results announced later that month and final results announced in mid-December.

Anheuser-Busch InBev ran two exchange offer rounds this year: a March round exchanging ten series of its USD notes for a combination of new notes and cash, with pricing and early participation results announced in early April, and a second exchange offer round mid-year that settled in August.

Anheuser-Busch InBev ran two rounds this year: a cash tender offer in October for up to $2.5 billion aggregate purchase price, with pricing and early results announced in late November and an extension into early December, and a separate exchange offer for up to six series of notes launched in late October, with early participation results announced in early November.

Anheuser-Busch InBev launched a cash tender offer in January for twelve series of USD notes, upsized from $11 billion to $16.5 billion in aggregate purchase price, with early results and pricing announced in late January and final results in early February. The company also conducted a note exchange between Anheuser-Busch Companies, LLC and Anheuser-Busch InBev Worldwide Inc. that settled in mid-May.

Anheuser-Busch InBev conducted two cash tender offers this year: one launched in late June with results announced in early July, and another in September for any and all of three series of notes, with pricing and results announced in mid-September.

Anheuser-Busch InBev launched a cash tender offer in November, with early results and pricing announced in early December.

Anheuser-Busch InBev launched a cash tender offer in late October covering notes across USD, Euro, and British pound sterling denominations, with early results and pricing announced in mid-November.

Anheuser-Busch InBev ran two cash tender offers this year: one launched in March, with early results, pricing, and an upsizing announced in early April, and another launched in November, with early results and pricing announced in late November.

Anheuser-Busch InBev launched a cash tender offer in May, with early results and pricing announced in late May.

Viacom conducted a cash tender offer to repurchase outstanding notes.

Viacom launched an exchange offer in November, with pricing and early participation results announced later that month and the offer expiring in mid-December.

Viacom extended a registered exchange offer for its 4.375% senior debentures due 2043.

Viacom conducted two cash tender offers this year, one in May and another in November.

Viacom conducted a cash tender offer in November.

Paramount Global conducted a cash tender offer in November, combining an Any and All tender track, which priced and concluded on November 9, with a separate Maximum tender track that priced in mid-November.

In May, Paramount Skydance Corporation launched a combined cash tender offer and exchange offer for its outstanding notes, alongside a related Warner Bros. Discovery consent solicitation announced the same day; the consent solicitation received the requisite consents by late May. The tender and exchange offers were extended multiple times over the summer and remained open as of early August 2026.

Freddie Mac conducted two cash tender offers this year, one in March and another in November.

Freddie Mac conducted a cash tender offer.

Freddie Mac ran a tender offer for its STACR (Structured Agency Credit Risk) notes, part of its mortgage credit-risk-sharing program.

Freddie Mac conducted a cash tender offer for certain STACR debt notes in August, with results announced the following week.

Freddie Mac ran four cash tender offers this year for its STACR notes, in February, May, September, and November, each with results announced within about a week of launch.

Freddie Mac conducted four STACR note tender offers over the course of the year, in March, May, August, and October.

Freddie Mac ran three STACR note tender offers this year, in February, April, and October.

Freddie Mac launched a STACR note tender offer in May, with results announced the following week.

Bristol-Myers Squibb conducted a cash tender offer in March.

Bristol-Myers Squibb conducted a cash tender offer in November.

Bristol-Myers Squibb conducted a cash tender offer in November.

Following its acquisition of Celgene, Bristol-Myers Squibb launched exchange offers and consent solicitations in April letting holders of Celgene Corporation notes swap into BMS notes. The offer was extended repeatedly over the following months before final results were announced in late November.

Bristol-Myers Squibb commenced a registered exchange offer in June.

Bristol-Myers Squibb conducted a cash tender offer in February.

Bristol-Myers Squibb conducted a cash tender offer in February.

Bristol-Myers Squibb conducted a cash tender offer in November.

The Republic of Peru conducted a tender offer in January for outstanding bonds.

The Republic of Peru ran two rounds this year: a June tender offer for existing bonds paired with a new bond issuance, and a second tender offer round in November that settled in early December.

The Republic of Peru launched a combined exchange offer and cash tender offer in late May, running two tracks (an exchange-and-tender track and a standalone tender track), with settlement in mid-June.

The Republic of Peru conducted an exchange offer alongside a standalone tender offer in June, with settlement in early July.

The Republic of Peru issued new registered notes alongside an exchange offer in June, running settlement in two rounds through early July.

Petróleos Mexicanos (PEMEX) launched a combination of a global notes offering, private exchange offers, and tender offers in February, later increasing the waterfall tender cap and maximum series caps. The private exchange offers and retail tender offers for two series of notes concluded in mid-February, while a related tender offer and consent solicitation reached early settlement later that month and final settlement in early March.

PEMEX announced measures to strengthen its financial condition in September, including a capital contribution, a new offering of global notes, private cash tender offers, and private exchange offers. The tender offers concluded with final results in late September alongside settlement of the new notes offering, while the exchange offers ran through mid-October with early participation results in late September and final settlement in mid-October.

PEMEX launched a new global notes offering alongside cash tender offers for two series of securities in January, combined with private exchange offers for fourteen series priced the same day. The tender offers settled in late January, and the exchange offers announced early participation and acceptance results in early February.

PEMEX priced a new global notes offering in December alongside a private exchange offer, with early participation results announced later that month.

PEMEX completed a registered exchange offer, filed with the SEC on Form F-4, allowing holders of its privately placed 2021 notes to exchange them for registered notes with identical terms.

PEMEX launched cash tender offers in September, with early tender results announced in mid-September, expected repurchase amounts confirmed shortly after, and final acceptance and settlement in late September.

Liberty Mutual combined a tender offer with a consent solicitation in January, modifying terms and extending the expiration twice before terminating it in early February; a separate cash tender offer followed in March.

Liberty Mutual conducted a cash tender offer in April.

Liberty Mutual ran three rounds this year: a January tender/exchange round; a May cash tender offer for its Series A junior subordinated notes, with early tender results announced later that month; and a September private note exchange restricted to eligible investors, with participation, upsizing, and pricing announced in late September.

Liberty Mutual ran a hybrid round in April combining a private note exchange across five series of notes, restricted to eligible investors, with a related public cash tender offer.

Fannie Mae ran two cash tender offers for Connecticut Avenue Securities (CAS) notes this year: a June round with results announced in early July and settlement shortly after, and a December round with results announced in mid-December and settlement in two stages later that month.

Fannie Mae ran two cash tender offers for CAS notes this year: an April round with results announced in early May and settlement shortly after, and an October round with results announced in mid-October and settlement in two stages later that month.

Fannie Mae launched a cash tender offer for CAS notes in April, with results announced in late April and settlement in two stages in early May.

Fannie Mae ran two cash tender offers for CAS notes this year: a May round with results announced in late May and settlement in early June, and a September round with results announced in early October and settlement shortly after.

Fannie Mae launched a cash tender offer for CAS notes in February, with results announced in early March and settlement shortly after.

Occidental Petroleum conducted a cash tender offer in January.

Occidental Petroleum completed a registered exchange offer in August.

Occidental Petroleum ran three rounds of cash tender offers paired with consent solicitations: June, August (with early tender results announced later that month), and December (later upsized).

Occidental Petroleum ran a cash tender offer and consent solicitation in June.

Occidental Petroleum ran a tender offer in February.

Following its acquisition of CrownRock, Occidental launched a private exchange offer and consent solicitation in July for CrownRock's notes, restricted to eligible institutional investors; the offer was ultimately terminated in early August.

Occidental Petroleum ran a cash tender offer and consent solicitation in February.

Mondelez launched a $1.5 billion cash tender offer for certain notes in November, later increasing the maximum amount and tender cap for each series, with final results announced in mid-December.

Mondelez launched a $1 billion cash tender offer for certain notes in January, later increasing the maximum amount and tender cap after strong early participation, with results announced in late January.

Mondelez launched a $2 billion cash tender offer for certain notes in February, with early tender results and pricing announced in March.

Mondelez ran a tender offer in October covering multiple series of its outstanding debt securities, later increasing the maximum amount after strong early participation, with pricing announced at the end of the month.

Mondelez combined a cash tender offer with a consent solicitation in April, with early results, pricing, and final results all announced by the end of the month.

Mondelez conducted a cash tender offer launched in late September, with pricing announced in mid-October.

Mondelez conducted a cash tender offer in March, later increasing the maximum tender amount before pricing.

Goldman Sachs launched consent solicitations in January relating to trust preferred securities issued by its Goldman Sachs Capital II and Capital III financing vehicles, with successful completion announced in February.

Goldman Sachs conducted a cash tender offer in May for capital securities issued by its Goldman Sachs Capital I financing vehicle.

Goldman Sachs ran four tender offer rounds this year: a February offer for its Normal Automatic Preferred Enhanced Capital securities, later increased in size; separate offers in May and June; and a July offer that was expanded to up to $650 million.

Goldman Sachs conducted a tender offer in May.

Goldman Sachs conducted a tender offer in September for its 2.625% Notes due January 2019, 7.50% Notes due February 2019, and 6.125% Notes due February 2033.