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VZ » Topics » Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

This excerpt taken from the VZ 8-K filed Jan 9, 2009.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On January 9, 2009, Cellco Partnership, a Delaware general partnership doing business as Verizon Wireless (“Verizon Wireless”), borrowed $12.35 billion under the Credit Agreement, dated as of December 19, 2008, among Verizon Wireless, Verizon Wireless Capital LLC, as co-borrower, Bank of America, N.A., as administrative agent, and the lenders named therein, a copy of which is filed as Exhibit 99.2 hereto and is incorporated herein by reference. The funds obtained from such borrowing were used to fund certain payments made by Verizon Wireless and its affiliates in connection with the transaction described in Item 8.01 below.

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