|By PR Newswire||
|February 28, 2014 10:09 AM EST||
NEW YORK, Feb. 28, 2014 /PRNewswire/ -- Verizon Communications Inc. today announced that its subsidiaries, Cellco Partnership (the "Partnership") and Verizon Wireless Capital LLC ("Capital" and together with the Partnership, "the "Issuers"), will redeem $1,250,000,000 of their 8.500% Notes, due Nov. 15, 2018 (CUSIPS 92344S AG5, 92344S AK6 and U9220 QAD6) (the "Notes"). There is a total of $2.25 billion in principal amount of the Notes currently outstanding. The Notes to be redeemed will be selected in accordance with the terms of the indenture governing the Notes and the applicable procedures of The Depositary Trust Company. The redemption date for the Notes being redeemed will be March 30, 2014 (the "Redemption Date").
The redemption price for the Notes being redeemed will be equal to 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 75 basis points (the "Redemption Price"), plus accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. The Redemption Price will be calculated by the Issuers or their agent in accordance with the terms of the Notes on the third business day preceding the Redemption Date. Interest will cease to accrue on the Notes being redeemed on and after the Redemption Date.
The name and address of the paying agent for the redemption is:
Corporate Trust Services
Attn: Registered Payments
60 Livingston Avenue
St. Paul, MN 55107-2292
Corporate Trust Services
60 Livingston Avenue
1st Fl – Bond Drop Window
St Paul, MN 55107-2292
Corporate Trust Services
100 Wall Street
New York, NY 10005
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with nearly 103 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 176,800. For more information, visit www.verizon.com.
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SOURCE Verizon Communications Inc.
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