Verizon to redeem debt securities on May 10, 2021

Rhea-AI Summary

Verizon Communications has announced the redemption of approximately $713 million of 2.946% Notes due in 2022, effective May 10, 2021. The redemption price will be the greater of 100% of the principal or the present value of remaining payments discounted at the Treasury Rate plus 15 basis points, plus accrued interest. This action reflects Verizon's proactive debt management strategy and commitment to optimizing its financial structure. Shareholders and bondholders can direct inquiries regarding the redemption to U.S. Bank National Association.

Positive

• Proactive debt management by redeeming $713 million of notes.
• Potential cost savings through refinancing options.

Negative

• None.

NEW YORK, April 09, 2021 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on May 10, 2021 (the “Redemption Date”):

I.D. Number	Title of Security	Principal Amount Outstanding
CUSIP: 92343V DM3/ 92343V DQ4/ U9221A AS7 ISIN: US92343VDM37/ US92343VDQ41/ USU9221AAS79	2.946% Notes due 2022 (the “Notes”)	$713,343,000

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), as the case may be, 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 15 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 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 $128.3 billion in 2020. 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 verizon.com/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 notes is Verizon redeeming on May 10, 2021?

Verizon is redeeming approximately $713 million of 2.946% Notes due in 2022.

What is the total principal amount of the notes being redeemed by Verizon?

The total principal amount of the notes being redeemed is $713,343,000.

How is the redemption price for the notes being calculated?

The redemption price is the greater of 100% of the principal or the present value of remaining payments discounted at the Treasury Rate plus 15 basis points.

Who should inquiries about the redemption be directed to?

Inquiries should be directed to U.S. Bank National Association, the paying agent.

What is Verizon's stock symbol?

Verizon's stock symbol is VZ.