Verizon to Redeem Debt Securities

Verizon to Redeem Debt Securities NEW YORK, Oct. 23, 2014 -- Verizon Communications Inc. ("Verizon")(NYSE, NASDAQ: VZ; LSE: VZC) today announced that it and its subsidiaries,Alltel Corporation and Cellco Partnership d/b/a Verizon Wireless and VerizonWireless Capital LLC, will redeem the following series of securities onNovember 24, 2014 (the "Redemption Date"): Make-Whole Principal Amount Principal AmountCUSIP Number Title of Security Premium Outstanding to be Redeemed 4.90% notes92344G AW6 due September 15, 20 $500,000,000 $500,000,000 2015(1) 92343V AC8 5.55% notes due 25 $598,324,000 $598,324,000 February 15, 2016(1) 020039 AE3 7.00% debentures 10 $143,328,000 $143,328,000 due March 15, 2016(2) 92343V AY0 3.00% notes due April 20 $1,250,000,000 $1,250,000,000 1, 2016(1) 2.50% notes92343V BN3 due September 15, 30 $3,182,335,000 $1,000,000,000 2016(1) 92343V AG9 5.50% notes due April 25 $396,969,000 $396,969,000 1, 2017(1) 92343V AQ7 8.75% notes due 75 $735,653,000 $735,653,000 November 1, 2018(1) 92344S AK6 8.50% notes92344S AG5 due November 15, 2018 75 $380,591,000 $380,591,000U9220Q AD6 (3) _____________ (1) Issued by Verizon.(2) Issued by Alltel Corporation.(3) Issued by Cellco Partnership d/b/a Verizon Wireless and Verizon WirelessCapital LLC. The redemption price for each series of securities will be equal to the sum ofthe present values of the remaining scheduled payments of principal andinterest on that series of securities (exclusive of interest accrued to theRedemption Date), discounted to the Redemption Date on a semi-annual basis(assuming a 360-day year consisting of twelve 30-day months) at the TreasuryRate (as defined in the applicable series of securities) plus the make-wholepremium, as set forth in the table above (the "Redemption Price"), plus accruedand unpaid interest on the principal amount to the Redemption Date. TheRedemption Price for each series will be calculated in accordance with theterms of such series on the third business day preceding the Redemption Date. Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is aglobal leader in delivering broadband and other wireless and wirelinecommunications services to consumer, business, government and wholesalecustomers. Verizon Wireless operates America's most reliable wireless network,with more than 106 million retail connections nationwide. Verizon also providesconverged communications, information and entertainment services over America'smost advanced fiber-optic network, and delivers integrated business solutionsto customers in more than 150 countries. A Dow 30 company with more than $120billion in 2013 revenues, Verizon employs a diverse workforce of 178,500. Formore information, visit www.verizon.com/news . VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches andbiographies, media contacts and other information are available at Verizon'sonline News Center at www.verizon.com/news . The news releases are availablethrough an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds .

CONTACT: Bob Varettoni, 908-559-6388, [email protected]