Verizon to redeem debt securities on December 18, 2020

Rhea-AI Summary

Verizon Communications announced the redemption of $565.7 million of 3.45% Notes due 2021 on December 18, 2020. The redemption price will be the greater of 100% of the principal or the present value of remaining scheduled payments, plus accrued interest. This move is part of Verizon's financial management strategy, allowing it to optimize its debt obligations.

Investors are advised to consider associated risks outlined in Verizon’s SEC filings. For further inquiries, U.S. Bank National Association is the designated paying agent.

Positive

• Redemption of $565.7 million in 3.45% Notes improves debt management.
• Strategic move lowers future interest obligations.

Negative

• None.

NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on December 18, 2020 (the “Redemption Date”):

I.D. Number	Title of Security	Principal Amount Outstanding
CUSIP: 92343V CC6 ISIN: US92343VCC63 Common Code: 104629598	3.45% Notes due 2021 (the “Notes”)	$565,749,000

The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Notes) plus 20 basis points (the “Redemption Price”), plus, in either case, accrued and unpaid interest on the principal amount being redeemed to but excluding the Redemption Date. The Redemption Price will be calculated in accordance with the terms of the Notes on the third Business Day (as defined in the Notes) preceding the Redemption Date.

Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank National Association, Attn: Corporate Trust Services, 111 Fillmore Ave E, St. Paul, MN 55107, or via telephone at 1-800-934-6802.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

Cautionary Statement Regarding Forward-Looking Statements

In this communication we have made forward-looking statements. These forward-looking statements are not historical facts, but only predictions and generally can be identified by use of statements that include phrases such as “will,” “may,” “should,” “continue,” “anticipate,” “believe,” “expect,” “plan,” “appear,” “project,” “estimate,” “intend,” or other words or phrases of similar import. Similarly, statements that describe our objectives, plans or goals also are forward-looking statements. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated. Factors that could materially affect these forward-looking statements can be found in our periodic reports filed with the SEC. Eligible holders are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to update publicly these forward-looking statements to reflect new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events might or might not occur. We cannot assure you that projected results or events will be achieved.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Eric Wilkens
Eric.wilkens@verizon.com
201.572.9317
@ericwilkens

FAQ

What is Verizon's redemption announcement on December 18, 2020?

Verizon is redeeming $565.7 million of 3.45% Notes due 2021, optimizing its debt obligations.

How is the redemption price for Verizon's notes calculated?

The redemption price is the greater of 100% of the principal or the present value of remaining scheduled payments, plus accrued interest.

Who should investors contact for more information regarding the redemption?

Investors can contact U.S. Bank National Association, the paying agent, for inquiries related to the redemption.