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Verizon Communications Inc. to Partially Redeem 8.75% Notes, due November 1, 2018

^{Published on 2012-11-15 07:47:05 - Market Wire}
 

Verizon Communications Inc. to Partially Redeem 8.75% Notes, due November 1, 2018 -- NEW YORK, Nov. 15, 2012 /PRNewswire/ --

NEW YORK, Nov. 15, 2012 /PRNewswire/ -- Verizon Communications Inc. today announced that it will redeem $700 million of its 8.75% Notes, due November 1, 2018 (CUSIP 92343V AQ7) (the "Notes").  There are $2 billion in principal amount of the Notes currently outstanding.  The Notes to be redeemed will be selected in accordance with the terms of the indenture governing the Notes and the applicable procedures of The Depositary Trust Company.  The redemption date for the Notes being redeemed will be December 17, 2012 (the "Redemption Date"). 

The redemption price for the Notes being redeemed will be equal to the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30 day months) at the Treasury Rate (as defined in the Notes) plus 75 basis points, plus accrued and unpaid interest on the principal amount being redeemed to the Redemption Date, and will be payable on the Redemption Date.  Interest will cease to accrue on the Notes being redeemed on and after the Redemption Date. 

The name and address of the paying agent for the redemption is:

Verizon Communications Inc. (NYSE, Nasdaq: [ VZ ]), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers.  Verizon Wireless operates America's most reliable wireless network, with nearly 96 million retail customers nationwide.  Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500.  A Dow 30 company with $111 billion in 2011 revenues, Verizon employs a diverse workforce of 184,500.  For more information, visit [ www.verizon.com ].

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at [ www.verizon.com/news ].  To receive news releases by email, visit the News Center and register for customized automatic delivery of Verizon news releases.

SOURCE Verizon Communications Inc.