Verizon New York Inc. to Redeem Forty Year 9 3/8 Percent Debentures

NEW YORK - Verizon Communications Inc. (NYSE:VZ) today announced that on July 15, 2001 its wholly-owned subsidiary Verizon New York Inc. (formerly known as New York Telephone Company) will redeem the outstanding $167.935 million principal amount of its Forty Year 9 3/8 Percent Debentures, due July 15, 2031.

The redemption price of 106.08 percent of the principal amount will be payable on July 15, 2001. On and after July 15, 2001, interest on such debentures will cease to accrue.