04.07.1998Financial

New York Telephone Issues Two Series of Debentures

NEW YORK - Bell Atlantic (NYSE:BEL) today announced that its subsidiary New York Telephone has issued an aggregate of $350 million principal amount of debt securities in two series: a $250 million principal amount of 10-year debentures due April 15, 2008, with a coupon rate of 6.00 percent; and a $100 million principal amount of 30-year debentures due April 15, 2028, with a coupon rate of 6.50 percent.

Bell Atlantic said it will use the proceeds of these issues toward the redemption of the entire $150 million principal amount of its Series R refunding mortgage 7.50 percent bonds due March 1, 2009, and the entire $200 million principal amount of its 40-year 7.875 debentures due June 15, 2017.

New York Telephone will pay a redemption price of 101.22 percent of the principal amount and interest accrued to the redemption date for the Series R refunding mortgage 7.50 percent bonds, and 103.38 percent of the principal amount and interest accrued to the redemption date for the 40-year 7.875 percent debentures.

The debentures announced today may be offered only by means of prospectus. The bookrunning manager on the new 10-year issue is Bear,Stearns & Co., Inc., with UBS Securities as joint lead manager. The lead underwriter on the new 30-year issue is Morgan Stanley Dean Witter, with First Union Capital Markets Corp. as co-manager.