Pricing Supplement Dated September 23, 1994 Rule 424(b)(2)
File Nos. 33-34401
33-34401-01
33-51147
33-51147-01
(To Prospectus dated January 27, 1994 and
Prospectus Supplement dated March 3, 1994)
NYNEX CAPITAL FUNDING COMPANY
Medium-Term Notes, Series B
(Floating Rate)
CUSIP NO. 67077E AX4
Unconditionally Guaranteed as to Payment of Principal, Premium,
if any, and Interest by NYNEX Corporation
Trade Date: September 23, 1994
Principal Amount: $10,000,000
Specified Currency: U.S.
Dollars
Option to Elect Payment in
Specified Currency (only
applicable if Specified
Currency is other than U.S.
Dollars): N/A
Authorized Denominations:
U.S. $5,000 or any integral
multiple of U.S. $5000.
Regular Floating Rate Note:
x Yes __ No
Floating Rate/Fixed Rate Note:
__ Yes x No
Inverse Floating Rate Note
__ Yes x No
Issue Price: 100% (Notes sold
to Salomon Brothers Inc as
principal)
Selling Agent's Commission:
0%
Stated Maturity: October 5,
1999
Original Issue Date: October
5, 1994
Date of Note, if other than
Original Issue Date: N/A
Net Proceeds to Issuer:
$10,000,000
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Base Rate:
___ Commercial Paper
___ CD Rate
___ Federal Funds Rate
___ LIBOR
___ Treasury Rate
___ Prime Rate
x Other (Constant
Maturity Treasury
Rate - See attached
Annex.)
Spread Multiplier: N/A
Spread: (+/-) minus 12.5
basis points
Initial Interest Rate: See
attached Annex.
Index Maturity: 3-Year
Constant Maturity
Treasury Rate.
Maximum Interest Rate: 12.00%
Minimum Interest Rate: None
Fixed Interest Rate: N/A
Fixed Rate Commencement Date:
N/A
Interest Reset Period: See
attached Annex.
Interest Reset Dates: See
attached Annex.
Interest Payment Dates: See
attached Annex
Regular Record Dates: See
Prospectus Supplement.
Interest Determination Dates:
See attached Annex.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PRICING SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR THE
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
<PAGE>
Form:
x Book-Entry
__ Certificated
Redemption:
x The Notes cannot be redeemed prior to Stated
Maturity
__ The Notes may be redeemed prior to Stated Maturity
Initial Redemption Date:
Initial Redemption Price: %
Annual Reduction Percentage: %
Extension Provisions:
x The Stated Maturity of the Notes cannot be extended
__ The Stated Maturity of the Notes can be extended
Extension Periods:
Final Maturity:
Repayment:
x The Notes cannot be repaid prior to Stated Maturity
__ The Notes can be repaid prior to Stated Maturity at
the option of the holder of the Note
Repayment Date:
Repayment Price: %
Optional Reset Provisions:
x The Spread and/or Spread Multiplier on the Notes
cannot be reset
__ The Spread and/or Spread Multiplier on the Notes can
be reset at the option of the Company
Optional Reset Dates:
Discounted Security: __ Yes x No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Trustee Notification Dates:
Indexed Note (Other than Currency Indexed): __ Yes x No
Applicable Index:
Method by which principal and interest will be determined:
Currency Indexed Note: No
Base Exchange Rate:
Determination Agent:
Denominated Currency:
Face Amount:
Indexed Currency:
Dual Currency Note: __ Yes x No
Face Amount Currency:
Optional Payment Currency:
Designated Exchange Rate:
Option Election Dates:
Amortizing Note: __ Yes x No
__ Payments of principal and interest will be made
quarterly
__ Payments of principal and interest will be made
semiannually
__ Amortization Schedule is attached hereto as Annex A
Other Provisions: See attached Annex.
Annex Attached: x Yes __ No
_________ Lehman Brothers _________ Morgan Stanley & Co.
Incorporated
_________ J.P. Morgan X Salomon Brothers Inc
Securities Inc.
<PAGE>
ANNEX TO PRICING SUPPLEMENT DATED SEPTEMBER 23, 1994 (To
Prospectus dated January 27, 1994 and Prospectus Supplement dated
March 3, 1994)
NYNEX CAPITAL FUNDING COMPANY
Medium-Term Notes, Series B
(Floating Rate) CUSIP 67077E AX4
Unconditionally Guaranteed as to Payment of Principal, Premium,
if any, and Interest by NYNEX Corporation
_________________________________________________________________
Initial Interest Rate: 3-year Constant Maturity Treasury Rate
as of September 28, 1994 minus 12.5
basis points
Base Rate: The Base Rate shall be the Constant
Maturity Treasury Rate set forth in the
Federal Reserve Board publication
H.15(519) (the "H.15(519)") opposite the
caption "U.S. Government/Securities/
Treasury Constant Maturities/", in the
Index Maturity with respect to the
applicable Interest Determination Date.
If the H.15(519) is no longer published,
the Constant Maturity Treasury Rate
shall be the rate that was set forth on
Telerate Page 7055, or its successor
page (as determined by the Calculation
Agent), on the applicable Interest
Determination Date opposite the
applicable Index Maturity. If no such
rate is set forth, then the Constant
Maturity Treasury Rate for such Interest
Reset Date shall be established by the
Calculation Agent as follows. The
Calculation Agent will contact the
Federal Reserve Board and request the
Constant Maturity Treasury Rate, in the
applicable Index Maturity, for the
Interest Reset Date. If the Federal
Reserve Board does not provide such
information, then the Constant Maturity
Treasury Rate for such Interest Reset
Date will be the arithmetic mean of
quotations reported by three leading
<PAGE>
U.S. government securities dealers (one
of which may be the Calculation Agent),
according to their written records, with
reference to the 3:00 p.m. (New York
City time) Interest Determination Date
closing bid-side yield quotations for
the noncallable U.S. Treasury Note that
is nearest in maturity to the Index
Maturity, but not less than exactly the
Index Maturity and for the noncallable
U.S. Treasury Note that is nearest in
maturity to the Index Maturity, but not
more than exactly the Index Maturity.
The Calculation Agent shall calculate
the Constant Maturity Treasury Rate by
interpolating to the Index Maturity
based on an Actual/Actual day count
basis, the yield on the two Treasury
Notes selected. If the Calculation
Agent cannot obtain three such adjusted
quotations, the Constant Maturity
Treasury Rate for such Interest Reset
Date will be the arithmetic mean of all
such quotations, or if only one such
quotation is obtained, such quotation,
obtained by the Calculation Agent. In
all events, the Calculation Agent shall
continue polling dealers until at least
one adjusted yield quotation can be
determined.
Interest Reset Period: Quarterly, except that the last Interest
Reset Period shall commence on July 5,
1999, and the interest rate shall not be
reset on October 5, 1999.
Interest Reset Dates: January 5, April 5, July 5 and October 5
of each year, commencing January 5, 1995
and ending July 5, 1999; and if any
Interest Reset Date is a day that is not
a Business Day, such Interest Reset Date
shall not be postponed to the next day
that is a Business Day.
<PAGE>
Interest Payment Dates: January 5, April 5, July 5 and October 5
of each year, commencing January 5,
1995; provided, that if any Interest
Payment Date (including, without
limitation a maturity date) would
otherwise be a day that is not a
Business Day, such Interest Payment Date
shall be postponed to the next day that
is a Business Day; provided further that
if an Interest Payment Date or the
maturity date that would otherwise fall
on a day that is not a Business Day is
postponed as described above, the
interest payable on such date shall
accrue to, but exclude, the date that
would have been the Interest Payment
Date or maturity date had it been a
Business Day.
Interest Determination
Dates: The Interest Determination Date
pertaining to an Interest Reset Date
shall be the tenth Business Day next
preceding such Interest Reset Date.
Day Count Convention: Actual number of days divided by actual
number of days in the year in which each
day in the numerator occurs.
Calculation Agent: Salomon Brothers Inc