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Press Release -- May 15th, 2020
Source: Verizon
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Verizon to redeem debt securities on June 15, 2020

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NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on June 15, 2020 (the “Redemption Date”):

I.D. Number Title of Security NYSE Trading Symbol Principal Amount
Outstanding
CUSIP: 92343V BV5

ISIN: XS1030900168

Common Code: 103090016

2.375% Notes due February 17, 2022 (the “2.375% Notes”) VZ22A €935,347,000
CUSIP: 92343V DH4

ISIN: XS1405767275

Common Code: 140576727

0.500% Notes due June 2, 2022 (the “0.500% Notes”) VZ22B €453,963,000
The redemption price for the 2.375% Notes will be equal to the greater of (i) 100% of the principal amount of the 2.375% Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2.375% Notes (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as defined in the 2.375% Notes) plus 20 basis points (the “2.375% Redemption Price”), plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The 2.375% Notes Redemption Price will be calculated in accordance with the terms of the 2.375% Notes on the third Business Day (as defined in the 2.375% Notes) preceding the Redemption Date.

The redemption price for the 0.500% Notes will be equal to the greater of (i) 100% of the principal amount of the 0.500% Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 0.500% Notes (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate (as defined in the 0.500% Notes) plus 15 basis points (the “0.500% Redemption Price”), plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The 0.500% Notes Redemption Price will be calculated in accordance with the terms of the 0.500% Notes on the third Business Day (as defined in the 0.500% Notes) preceding the Redemption Date. Annual interest on the 0.500% Notes will be paid on June 2, 2020 to each holder of record on the close of business on May 19, 2020.

Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank National Association, c/o Elavon Financial Services DAC, UK Branch, 125 Old Broad Street, Fifth Floor, London, EC2N 1AR, United Kingdom, or via telephone at 1-800-934-6802.

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