CenturyLink offers $750 million seven-year notes in Monday drive-by; whisper is low to mid 5%

By Abigail W. Adams

Portland, Me., Dec. 9 – CenturyLink, Inc. plans to price $750 million of senior notes in a Monday drive-by (B2/B+/BB), according to a market source.

Citigroup Global Markets Inc. is lead left bookrunner for the Rule 144A and Regulation S for life offering.

Early talk has the deal coming in the low to mid 5% area, according to a market source.

BofA Securities Inc., Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets Corp., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., Credit Suisse Securities LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., MUFG, Regions Securities Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are also bookrunners.

The notes are non-callable for three years. First call is at par plus 50% of the coupon.

Proceeds, together with cash on hand, will be used to refinance $850 million of the Qwest 6.875% senior notes due 2033, which are callable at 100.39.

CenturyLink is a Monroe, La.-based global technology company.

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