Qwest talks $200 million $25-par 40-year notes at 7.375% to 7.5%

By Stephanie N. Rotondo

Portland, Ore., May 31 - Qwest Corp. talked a planned $200 million offering of $25-par senior notes (Baa3/BBB-/BBB-) at 7.375% to 7.5%, a market source told Prospect News.

The deal will likely price Wednesday, the source added.

The notes will mature June 1, 2051 and interest will be payable quarterly on the first day of March, June, September and December.

The company has the option to redeem the paper after June 1, 2016.

Qwest will apply to list the notes on the New York Stock Exchange.

Wells Fargo Securities LLC is physical bookrunner with Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. Inc. and UBS Securities LLC as joint bookrunners. RBC Capital Markets LLC is the lead manager.

Proceeds will be used to redeem early $825 million principal amount of 7.875% notes due 2011.

Qwest is a telecommunications subsidiary of CenturyLink, Inc., based in Monroe, La.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.