Verizon Communications Inc. is planning to pay investors up to $11.7 billion to buy back some of its debt.

The largest U.S. wireless carrier is offering holders of 34 notes issued by the company and its units a premium of as much as 5 percent to retire some of the securities as soon as March 17, according to a statement. Investors have until April 1 to participate in the bond tender. The securities being repurchased mature from 2016 to 2043 and carry coupons as high as 8.95 percent.

The company will use a portion of the $10 billion in expected proceeds from the sale of its wireline operations to Frontier Communications Corp. to fund the purchases, said Bob Varettoni, a Verizon spokesman. That sale is part of two separate deals that includes selling towers to American Tower Corp.