Verizon New York Inc. to Redeem Refunding Mortgage 4 5/8 Percent Bonds, Series M

NEW YORK - Verizon Communications Inc. (NYSE:VZ) today announced that on July 11, 2001 its wholly-owned subsidiary Verizon New York Inc. (formerly known as New York Telephone Company) will redeem the entire $60 million outstanding principal amount of its Refunding Mortgage 4 5/8 Percent Bonds, Series M, due Jan. 1, 2002.

Verizon New York will pay a redemption price of 100.00 percent of the principal amount and with interest accrued to the redemption date, will be payable on July 11, 2001. On and after July 11, 2001, interest on such bonds will cease to accrue.

Verizon Communications

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 approximately 260,000 employees and more than $65 billion in annual 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.

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