The rate of USD14 billion worth of loans Verizon Communications Inc had sought to back the purchase of a stake in the wireless unit from Vodafone Group Plc. This was confirmed by a person with knowledge of the transaction, who requested anonymity due to lack of authority to speak on the matter.

One USD6 billion loan with a term of three years had interest pegged at 1.365 percentage points over the London Interbank Offered Rate or LIbOR. Another USD6 billion loan with a maturity of five years would have an interest rate of 1.5 percentage points above LIbOR.

The financing for the transaction is being managed by Bank of America corp, Barclays Plc, JPMorgan Chase & Co and Morgan Stanley. Also included would be a USD2 billion revolving credit line with an interest payable at 1.25 percentage points above the benchmark borrowing rate. 

Verizon Communications had agreed to buyout the shares of Vodafone Plc in the most successful telecommunicatons venture in the world, Verizon Wireless.