Verizon New York Inc. to Redeem Refunding Mortgage Bonds

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NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on March 22, 2002, its wholly owned subsidiary Verizon New York Inc. (formerly New York Telephone Company) will redeem the entire outstanding principal amount of two separate series of Refunding Mortgage Bonds. Verizon New York will redeem $130 million of its 4 5/8% Bonds, Series O, due Jan. 1, 2004; and $75 million of its 6% Bonds, Series Q, due Sept. 1, 2007.

The redemption price of 100 percent of the principal amount of the 4 5/8% Bonds, and 100.18 percent of the principal amount of the 6% Bonds, in each case with interest accrued to the redemption date, will be payable on March 22, 2002. On and after March 22, interest will cease to accrue on the bonds.

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 132.1 million access line equivalents and 29.4 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with more than $67 billion in annual revenue and approximately 247,000 employees, 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.

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