Verizon Announces Continuation of New Funding Procedures for Domestic Telephone Companies

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NEW YORK - Verizon Communications Inc. (NYSE:VZ) today announced that, in continuation of a program begun last year, it has changed the method through which it funds the long-term capital needs of five more of its domestic operating telephone companies.

Historically, these five domestic operating telephone companies issued short-term and long-term debt directly to investors. More recently, these companies have funded their short-term capital needs by borrowing from Verizon Network Funding Corp. Verizon has determined that these companies will now also obtain their long-term funding from Verizon Network Funding.

As a result, except for the retail note described below, the following five companies have deregistered all of their outstanding public indebtedness with the Securities and Exchange Commission (SEC): Verizon California Inc., Verizon Florida Inc., Verizon North Inc., Verizon Pennsylvania Inc., and Verizon South Inc. To permit a series of notes previously issued primarily to retail investors by Verizon South to continue to trade on the New York Stock Exchange until its redemption or maturity, Verizon has guaranteed the $300 million aggregate principal of Verizon South 7% Debentures, Series F, due 2041, currently trading under the symbol VZC. Specific information about Verizon South will also be contained in a footnote to the financial statements of Verizon.

Verizon had previously, in February 2003, deregistered all of the outstanding public indebtedness of the following six companies: GTE Southwest Inc., Verizon Delaware Inc., Verizon Hawaii Inc., Verizon Northwest Inc., Verizon Washington DC Inc., and Verizon West Virginia Inc.

Verizon will provide quarterly and annual financial information about these companies on Verizon's Investor Relations Web site,

Verizon is also exploring the implementation of this funding approach with its remaining domestic operating telephone companies with public indebtedness.

A Fortune 10 company, Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services, with approximately $68 billion in annual revenues. Verizon companies are the largest providers of wireline and wireless communications in the United States. Verizon is also the largest directory publisher in the world, as measured by directory titles and circulation. Verizon's international presence includes wireline and wireless communications operations and investments, primarily in the Americas and Europe. For more information, visit


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