Verizon to redeem debt securities on November 12, 2021

Rhea-AI Summary

Verizon Communications Inc. plans to redeem $477.6 million of its 4.15% Notes due 2024 on November 12, 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 25 basis points, plus accrued interest. Investors can direct questions to U.S. Bank National Association, the paying agent. Verizon generated $128.3 billion in revenue in 2020 and remains a leading provider of technology and communication services worldwide.

Positive

• Redemption of $477.6 million in high-interest notes may strengthen financial position.
• Verizon generated $128.3 billion in revenues in 2020, indicating strong market presence.

Negative

• High level of indebtedness may impact financial flexibility.
• Possible risks from competition and economic conditions could affect future performance.

NEW YORK, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on November 12, 2021 (the “Redemption Date”):

I.D. Number	Title of Security	Principal Amount Outstanding
CUSIP: 92343V BY9 ISIN: US92343VBY92	4.15% Notes due 2024 (the “Notes”)	$477,596,000

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 25 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.

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/.

Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “believes,” “estimates,” “expects,” “hopes,” “forecasts,” “plans” or similar expressions. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: cyber attacks impacting our networks or systems and any resulting financial or reputational impact; natural disasters, terrorist attacks or acts of war or significant litigation and any resulting financial or reputational impact; the impact of the COVID-19 pandemic on our operations, our employees and the ways in which our customers use our networks and other products and services; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of the COVID-19 pandemic; material adverse changes in labor matters and any resulting financial or operational impact; the effects of competition in the markets in which we operate; failure to take advantage of developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; our high level of indebtedness; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; and changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings.

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

FAQ

What is Verizon redeeming on November 12, 2021?

Verizon is redeeming $477.6 million of its 4.15% Notes due 2024.

What is the redemption price for Verizon's notes?

The redemption price is the greater of 100% of the principal or the present value of remaining payments discounted at the Treasury Rate plus 25 basis points.

Where can I direct questions about Verizon's redemption notice?

Questions should be directed to U.S. Bank National Association at 1-800-934-6802.

What was Verizon's revenue in 2020?

Verizon generated $128.3 billion in revenue in 2020.

Why is Verizon redeeming its notes?

The redemption aims to manage debt and financial commitments effectively.