Verizon issues make-whole call for $500 million 1.1% notes due 2017

By Susanna Moon

Chicago, May 31 – Verizon Communications Inc. said it will redeem its $500 million principal amount of outstanding 1.1% notes due 2017.

The notes will be redeemed on June 30 at par plus a make-whole premium to be calculated using a spread of Treasuries plus the make-whole premium of 10 basis points.

Specifically, the redemption price will be the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest on the notes excluding accrued interest to the redemption date, discounted on a semiannual basis at the Treasury rate plus the make-whole premium and accrued interest to but excluding the redemption date, according to a company notice.

Verizon is a New York City-based telecommunications company.

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