Verizon Pennsylvania Inc. to Redeem Debentures

NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on March 8, 2002, its wholly owned subsidiary Verizon Pennsylvania Inc. (formerly The Bell Telephone Company of Pennsylvania) will redeem the entire outstanding principal amount of three separate series of debentures. Verizon Pennsylvania will redeem $50 million of its 4 3/8% Debentures, due Feb. 1, 2003; $100 million of its 6 3/4% Debentures, due May 1, 2008; and $75 million of its 7 1/8% Debentures, due Jan. 1, 2012.

The redemption price of 100 percent of the principal amount of the 4 3/8% Debentures, 100.30 percent of the principal amount of the 6 3/4% Debentures, and 100.88 percent of the principal amount of the 7 1/8% Debentures, in each case with interest accrued to the redemption date, will be payable on March 8, 2002. On and after March 8, interest will cease to accrue on the debentures.