OREANDA-NEWS.  July 31, 2014. Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ; LSE: VZC) announced the commencement of eleven separate private offers to exchange (the “Exchange Offers”) specified series of debt securities issued by Verizon and by Alltel Corporation (an indirect wholly owned subsidiary of Verizon) (collectively, the “Old Notes”) for new debt securities to be issued by Verizon (the “New Notes”) in accordance with the terms of the Exchange Offers.

The Exchange Offers consist of the following:

(a)     (i)          an offer to exchange the 2.500% notes due 2016 of Verizon; and
(ii)          an offer to exchange the 3.650% notes due 2018 of Verizon,
in each case, for new notes due 2020 of Verizon (the “New Notes due 2020”), provided that the principal amount of New Notes due 2020 to be issued in such Exchange Offers on an aggregate basis shall not exceed \\$2,000,000,000 (the “2020 Maximum Exchange Amount”) (collectively, the “2020 Exchange Offers”);
(b)    (i)            an offer to exchange the 7.350% notes due 2039 of Verizon;
(ii)           an offer to exchange the 7.875% debentures due 2032 of Alltel Corporation;
(iii)          an offer to exchange the 7.750% notes due 2032 of Verizon;
(iv)         an offer to exchange the 7.750% notes due 2030 of Verizon;
(v)          an offer to exchange the 6.800% debentures due 2029 of Alltel Corporation; and
(vi)         an offer to exchange the 6.400% notes due 2033 of Verizon,
in each case, for new notes due 2046 of Verizon (the “New Notes due 2046”), provided that the principal amount of New Notes due 2046 to be issued in such Exchange Offers on an aggregate basis shall not exceed \\$4,500,000,000 (the “2046 Maximum Exchange Amount”) (collectively, the “2046 Exchange Offers”); and
(c)     (i)        an offer to exchange the 6.550% notes due 2043 of Verizon;
(ii)        an offer to exchange the 6.900% notes due 2038 of Verizon; and
(iii)       an offer to exchange the 6.400% notes due 2038 of Verizon,

in each case, for new notes due 2054 of Verizon (the “New Notes due 2054”), provided that the principal amount of New Notes due 2054 to be issued in such Exchange Offers on an aggregate basis shall not exceed USD5,500,000,000 (the “2054 Maximum Exchange Amount”) (collectively, the “2054 Exchange Offers”).  Each of the 2020 Maximum Exchange Amount, the 2046 Maximum Exchange Amount and the 2054 Maximum Exchange Amount is referred to herein as a “Maximum Exchange Amount.”

The Exchange Offers are being conducted by Verizon upon the terms and subject to the conditions set forth in a confidential offering memorandum, dated July 23, 2014 (the “Offering Memorandum”).