New York Telephone To Redeem 36-Year 7.75 Percent Bonds Issue 12-Year 6,125 Percent Debentures

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January 15, 1997

 

On Feb. 13, 1998, its subsidiary New York Telephone Co. will redeem the entire $200 million principal amount of its Series T refunding mortgage 7.75 percent bonds due Dec. 15, 2006.

New York Telephone will pay a redemption price of 101.24 percent of the principal amount and interest accrued to the redemption date.

Bell Atlantic also announced that New York Telephone is issuing $250 million in 12-year debentures with a coupon of 6.125 percent.

The proceeds of the issue will be used to redeem the Series T bonds and to reduce short-term debt. The bonds will not be redeemable prior to maturity on Jan. 15, 2010.

These debentures may be offered only by means of prospectus. Application will be made to list the new issue on the New York Stock Exchange.

The lead underwriter on the new issue is Bear, Stearns & Co., with Chase Securities Inc. as co-manager.

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