Qwest Communications Offers to Buy Back $1.1 Billion of Notes

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Qwest Communications

(Q)

will begin a cash tender offer for about $1.1 billion of its senior notes outstanding in a move designed to reduce the company's interest costs.

The broadband communications company, which is based in Denver, offered to buy back $162.5 million of 10.875% senior notes due 2007. Qwest also offered to repurchase $555.9 million of 9.47% senior discount notes due 2007 and $383 million of 8.29% senior discount notes due 2008.

Shares of Qwest gained 66 cents, or 1.7%, to $40.42 in recent

New York Stock Exchange

trading.