Verizon New York to Redeem Refunding Mortgage Bonds

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NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that on March 6, 2003, its indirect, wholly owned subsidiary Verizon New York Inc. (formerly New York Telephone Company) will redeem the entire outstanding principal amount of its $100 million 4 7/8% Refunding Mortgage Bonds, Series P, due Jan. 1, 2006.

The redemption price of 100 percent of the principal amount, with interest accrued to the redemption date, will be payable on March 6, 2003. On and after March 6, 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 135.8 million access line equivalents and 32.5 million Verizon Wireless customers. Verizon is also the largest directory publisher in the world. With more than $67 billion in annual revenues and 229,500 employees, Verizon's global presence extends to 33 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.

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