Verizon New York Inc. to Redeem Forty Year 9 3/8 Percent Debentures

NEW YORK - Verizon Communications Inc. (NYSE:VZ) today announced that on July 15, 2001 its wholly-owned subsidiary Verizon New York Inc. (formerly known as New York Telephone Company) will redeem the outstanding $167.935 million principal amount of its Forty Year 9 3/8 Percent Debentures, due July 15, 2031.

The redemption price of 106.08 percent of the principal amount will be payable on July 15, 2001. On and after July 15, 2001, interest on such debentures will cease to accrue.


Verizon Communications (NYSE:VZ) 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 112 million access line equivalents and 27 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with more than 260,000 employees and approximately $65 billion in annual revenues, Verizon's global presence extends to more than 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com