Bell Atlantic Announces Redemption Date For New York Telephone Series R Bonds, 40-Year Debentures

NEW YORK - Bell Atlantic (NYSE:BEL) today announced the date of May 7, 1998, for redemption of New York Telephone's entire $150 million principal amount of Series R refunding mortgage 7.50 percent bonds due March 1, 2009, and the entire $200 million principal amount of New York Telephone's 40-year 7.875 debentures due June 15, 2017. Bell Atlantic announced earlier today that the issues would be redeemed by New York Telephone, its subsidiary.

As earlier announced, 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.