02.04.2002Financial

Verizon New Jersey Inc. to Redeem Debentures

NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on March 6, 2002, its wholly owned subsidiary Verizon New Jersey Inc. (formerly New Jersey Bell Telephone Company) will redeem the entire outstanding principal amount of four separate series of debentures. Verizon New Jersey will redeem $55 million of its 5 7/8% Debentures, due Dec. 1, 2006; $50 million of its 6 5/8% Debentures, due April 1, 2008; $125 million of its 7 1/4 % Debentures, due April 1, 2011; and $75 million of its 7 3/8% Debentures, due June 1, 2012.

The redemption price of 100 percent of the principal amount of the 5 7/8% Debentures, 100.32 percent of the principal amount of the 6 5/8% Debentures, 101.13 percent of the principal amount of the 7 1/4% Debentures, and 101.10 percent of the principal amount of the 7 3/8% Debentures, in each case with interest accrued to the redemption date, will be payable on March 6, 2002. On and after March 6, interest will cease to accrue on the debentures.