[Federal Register Volume 69, Number 62 (Wednesday, March 31, 2004)]
[Notices]
[Pages 16987-16988]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-7205]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 1-01150]


Issuer Delisting; Notice of Application of Verizon New England, 
Inc. To Withdraw Its Thirty Year 6\7/8\% Debentures, (due October 1, 
2023) and Forty Year 7\7/8\% Debentures (due November 15, 2029) From 
Listing and Registration on the New York Stock Exchange, Inc.

March 25, 2004.
    Verizon New England, Inc., a New York corporation (``Issuer''), has 
filed an application with the Securities and Exchange Commission 
(``Commission''), pursuant to section 12(d) of the Securities Exchange 
Act of 1934 (``Act'') \1\ and Rule 12d2-2(d) thereunder,\2\ to withdraw 
its Thirty Year 6\7/8\% Debentures (due October 1, 2023) and Forty Year 
7\7/8\% Debentures (due November 15, 2029) (``Securities''), from 
listing and registration on the New York Stock Exchange, Inc. (``NYSE'' 
or ``Exchange'').
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    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
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    The Issuer stated in its application that it has met the 
requirements of NYSE Rule 806 governing an issuer's voluntary 
withdrawal of a security from listing and registration and by complying 
with all applicable laws in effect in the State of New York.
    The Board of Directors (``Board'') of the Issuer adopted a 
resolution on March 3, 2004 to withdraw the Issuer's Securities from 
listing and registration on the NYSE. The Board of the Issuer stated 
that the following reasons factored into its decision to withdraw the 
Issuer's Security from the Exchange: (i) The Issuer desires to change 
its method for obtaining long-term capital and no longer intends to 
issue long-term indebtedness to the public, enabling the Issuer to 
eliminate the costs and expenses that it would otherwise incur in 
operating its own commercial paper program; (ii) the Issuer has no 
preferred stock outstanding and none of the indentures under which the 
Issuer's long-term indebtedness has been issued requires the Issuer to 
continue to file reports with the Commission or maintain a listing for 
securities issued by the Issuer with the NYSE; (iii) each series of the 
Securities is currently held of record by fewer than 300 holders; (iv) 
the Issuer does not believe that maintaining the listing of its 
Securities on the NYSE is required to maintain trading liquidity; and 
(v) the Issuer has determined that the costs of maintaining a listing 
on the NYSE significantly outweighs the benefits, especially in view of 
the fact that the over-the-counter market permits the holders of the 
Securities access to a liquid market in which to trade them.
    The Issuer's application relates solely to the Securities' 
withdrawal from listing on the NYSE and from registration under section 
12(b) of the Act \3\ and shall not affect its obligation to be 
registered under section 12(g) of the Act.\4\
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    \3\ 15 U.S.C. 78l(b).
    \4\ 15 U.S.C. 78l(g).
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    Any interested person may, on or before April 19, 2004, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street, NW., Washington, DC 20549-0609, facts bearing upon 
whether the application has been made in accordance with the rules of 
the NYSE and what terms, if any, should be imposed by the Commission 
for the protection of investors. All comment letters should refer to 
File No. 1-01150. The Commission, based on the information submitted to 
it, will issue an order

[[Page 16988]]

granting the application after the date mentioned above, unless the 
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Commission determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(1).
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Jonathan G. Katz,
Secretary.
[FR Doc. 04-7205 Filed 3-30-04; 8:45 am]
BILLING CODE 8010-01-P