Quick Hits

Verizon Dials Up Share Buyback

New York — Verizon Communications Inc.’s board of directors authorized the repurchase of up to 100 million shares of stock after an existing program expires in February.

Verizon’s board also determined that no additional shares may be acquired under a previously approved program to repurchase up to 80 million shares, the company said. The buyback program that was due to end Feb. 28, 2006, had approval remaining to buy about 62.6 million shares. About 2.93 billion shares of Verizon common stock are outstanding following the merger with MCI Inc.

EchoStar to Sell $1 Billion in Bonds

Englewood, Colo. —EchoStar Communications Corp. said its subsidiary, EchoStar DBS Corp., is offering approximately $1 billion aggregate principal amount of debt securities. Proceeds are intended to be used to redeem EchoStar DBS’s outstanding 9.125% senior notes, due 2009, and for general purposes.

Terayon Receives Default Notice

Santa Clara, Calif. — Terayon Communication Systems Inc. said that it had received written notice of default from holders of more than 25% of its senior notes on Jan. 12, stemming from the cable equipment provider’s failure to file its 10-Q quarterly financial statement with the Securities and Exchange Commission.

If the default is not cured within 60 days of the notice, Terayon said, an event of default will occur and the bondholders can demand immediate payment in full. The equipment vendor also said the notes outstanding have an aggregate principal amount of $65 million.

Terayon ended 2005 with $101 million of cash and cash equivalents.