This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CenturyLink Commences Debt Tender Offer And Concurrent Debt Offering

MONROE, La., Oct. 1, 2012 /PRNewswire/ -- CenturyLink, Inc. (NYSE:  CTL) and its wholly-owned subsidiary Qwest Communications International Inc. ("Qwest") announced today the commencement of a debt tender offer by Qwest and a concurrent public offering of CenturyLink's senior debt securities.  These transactions, when coupled with the pending and proposed redemption transactions discussed below, are intended to enable CenturyLink to:
  • extend the average maturity and reduce the weighted average interest rate of its outstanding consolidated indebtedness; and
  • retire Qwest's outstanding debt securities (although Qwest's subsidiaries will continue to carry a significant amount of indebtedness).

Qwest Tender Offer

Qwest has commenced a debt tender offer (the "Offer") to purchase for cash any and all of its $800 million aggregate principal amount of 7.125% Notes due 2018 (the " Notes") at a fixed purchase price of $1,069.47 per $1,000 principal amount of Notes (the "Purchase Price").  The Offer will expire at 5:00 p.m., New York City time, on October 9, 2012 (such date and time, as may be extended, the "Expiration Date").

Holders of Notes validly tendered and not validly withdrawn at or prior to the Expiration Date will be eligible to receive the Purchase Price on the settlement date, which is expected to be October 10, 2012 (the "Settlement Date").  Payments for Notes purchased will include accrued interest up to, but not including, the Settlement Date.  

Qwest will not be obligated to accept for purchase any Notes pursuant to the Offer unless certain conditions are satisfied, including CenturyLink's receipt of net proceeds from one or more debt financing transactions, including the debt offering described below, in an amount sufficient, together with available cash and borrowings available to Qwest under CenturyLink's revolving credit facility not to exceed $250 million, to fund the purchase of all validly tendered Notes accepted for purchase pursuant to the Offer, to pay all accrued interest payable on the Notes purchased and to pay all expenses relating to the Offer.  The Offer is not contingent upon the tender of any minimum principal amount of Notes.

On or immediately following the closing date of CenturyLink's debt offering described below, Qwest intends to call for redemption any Notes not purchased pursuant to the Offer in accordance with the "make-whole" redemption provisions of the Notes.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.07 -1.90%
FB $116.40 -0.28%
GOOG $690.69 -0.05%
TSLA $238.40 -3.80%
YHOO $36.30 -0.79%


Chart of I:DJI
DOW 17,689.65 -141.11 -0.79%
S&P 500 2,056.73 -19.08 -0.92%
NASDAQ 4,760.8580 -44.4330 -0.92%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs