NEW YORK - Verizon Communications Inc. (NYSE:VZ) announced today that GTE Corporation, its wholly owned subsidiary, has notified the record holders of GTE's 10-1/4% Debentures Due 2020 (CUSIP 362320 AP 8) that it will redeem the Debentures on Nov. 1, 2000. The redemption price will be 104.62% of the principal amount of the Debentures together with accrued and unpaid interest to Nov. 1, 2000. As of Nov. 1, 2000, all interest will cease to accrue on the Debentures.
Payment of the redemption price and accrued interest will be made at the office of The Bank of New York, New York, New York. Questions relating to the redemption of these securities may be referred to the Bond Holder Relations Department of The Bank of New York at 1-800-438-5473.
Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 95 million access lines and 25 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.