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NEW YORK -- Verizon Communications Inc. (“Verizon”) (NYSE, Nasdaq: VZ; LSE: VZC) today announced that it and its subsidiaries, Cellco Partnership d/b/a Verizon Wireless and Verizon Wireless Capital LLC, will redeem all of the outstanding notes of the following series of securities (the “Notes”) on April 29, 2016 (the “Redemption Date”):
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 (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on an annual basis (assuming the actual number of days in a 365- or 366-day year) at the Comparable Government Bond Rate (as defined in the Notes) plus 30 basis points (the “Redemption Price”), plus 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 preceding the Redemption Date.