Verizon to pay additional interest on convertibles

New York, May 12 - Verizon Communications Inc. said it will pay additional interest on the zero-coupon convertible notes due 2021 issued by Verizon Global Funding Corp.

The New York telecommunications company said for the six months beginning May 15 it will pay 0.183% interest in cash in addition to the 3% accretion rate of the notes.

Under the terms of the notes, from May 15, 2004, Verizon must pay additional interest if its stock trades at or below 60% of the conversion price.

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