Verizon to redeem debt securities on May 28, 2021

Rhea-AI Summary

Verizon Communications has announced the redemption of two sets of notes on May 28, 2021. The 2.45% Notes due 2022, with an outstanding principal amount of $793,983,000, and the 5.15% Notes due 2023, totaling $3,190,096,000, will be redeemed. The redemption price for each will depend on the calculated present values of future payments or the principal amount, plus accrued interest. Verizon's revenue was $128.3 billion in 2020, and the company continues to be a leading provider of communication services.

Positive

• Verizon is redeeming $793,983,000 in 2.45% Notes and $3,190,096,000 in 5.15% Notes, indicating strong financial management.
• The revenue of $128.3 billion in 2020 highlights the company's robust market position.

Negative

• None.

NEW YORK, April 28, 2021 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on May 28, 2021 (the “Redemption Date”):

	I.D. Number	Title of Security	Principal Amount Outstanding
	CUSIP: 92343V BJ2 ISIN: US92343VBJ26 Common Code: 085324403	2.45% Notes due 2022 (the “2.45% Notes”)	$793,983,000
	CUSIP: 92343V BR4 ISIN: US92343VBR42 Common Code: 092890511	5.15% Notes due 2023 (the “5.15% Notes”)	$3,190,096,000

The redemption price for the 2.45% Notes will be equal to the greater of (i) 100% of the principal amount of the 2.45% Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2.45% 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 2.45% Notes) plus 12.5 basis points (the “2.45% Notes Redemption Price”), plus, in either case, accrued and unpaid interest on the principal amount being redeemed to but excluding the Redemption Date. The 2.45% Notes Redemption Price will be calculated in accordance with the terms of the 2.45% Notes on the third Business Day (as defined in the 2.45% Notes) preceding the Redemption Date.

The redemption price for the 5.15% Notes will be equal to the greater of (i) 100% of the principal amount of the 5.15% Notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 5.15% Notes being redeemed discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the 5.15% Notes) plus 40 basis points (the “5.15% Notes Redemption Price”), plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. The 5.15% Notes Redemption Price will be calculated in accordance with the terms of the 5.15% Notes on the third Business Day (as defined in the 5.15% 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

When will Verizon redeem its notes?

Verizon will redeem its notes on May 28, 2021.

What is the amount of the 2.45% Notes being redeemed?

The outstanding principal amount of the 2.45% Notes being redeemed is $793,983,000.

What is the total amount for the 5.15% Notes being redeemed?

The total amount for the 5.15% Notes being redeemed is $3,190,096,000.

What were Verizon's revenues in 2020?

Verizon generated revenues of $128.3 billion in 2020.

What determines the redemption price for Verizon's notes?

The redemption price is determined by the greater of the principal amount or the present values of remaining scheduled payments, plus accrued interest.