Verizon to Redeem Debt Securities

Oct 23, 2014, 13:11 ET from Verizon Communications Inc.

NEW YORK, Oct. 23, 2014 /PRNewswire/ -- Verizon Communications Inc. ("Verizon") (NYSE, NASDAQ: VZ; LSE: VZC) today announced that it and its subsidiaries, Alltel Corporation and Cellco Partnership d/b/a Verizon Wireless and Verizon Wireless Capital LLC, will redeem the following series of securities on November 24, 2014 (the "Redemption Date"):

 

 

CUSIP Number

 

Title of Security

Make-Whole

Premium

Principal Amount Outstanding

Principal Amount to be Redeemed

92344G AW6

4.90% notes due September 15, 2015(1)

20

$500,000,000

$500,000,000

92343V AC8

5.55% notes due February 15, 2016(1)

25

$598,324,000

$598,324,000

020039 AE3

7.00% debentures due March 15, 2016(2)

10

$143,328,000

$143,328,000

92343V AY0

3.00% notes due April 1, 2016(1)

20

$1,250,000,000

$1,250,000,000

92343V BN3

2.50% notes due September 15, 2016(1)

30

$3,182,335,000

$1,000,000,000

92343V AG9

5.50% notes due April 1, 2017(1)

25

$396,969,000

$396,969,000

92343V AQ7

8.75% notes due November 1, 2018(1)

75

$735,653,000

$735,653,000

92344S AK6

92344S AG5

U9220Q AD6

8.50% notes due November 15, 2018(3)

75

$380,591,000

$380,591,000

_____________

(1)             Issued by Verizon.
(2)             Issued by Alltel Corporation.
(3)             Issued by Cellco Partnership d/b/a Verizon Wireless and Verizon Wireless Capital LLC.

The redemption price for each series of securities will be equal to the sum of the present values of the remaining scheduled payments of principal and interest on that series of securities (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 applicable series of securities) plus the make-whole premium, as set forth in the table above (the "Redemption Price"), plus accrued and unpaid interest on the principal amount to the Redemption Date.  The Redemption Price for each series will be calculated in accordance with the terms of such series on the third business day preceding the Redemption Date.  

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 more than 106 million retail connections 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. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 178,500. For more information, visit www.verizon.com/news/.

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SOURCE Verizon Communications Inc.