Qwest greenshoe exercised, lifting 7.5% notes due 2051 to $575 million

By Toni Weeks

San Diego, Sept. 21 - Underwriters for Qwest Corp.'s $500 million public offering of 7.5% $25-par senior notes due Sept. 15, 2051 exercised their over-allotment option in full, lifting the size of the issue to $575 million, the company said in an 8-K filed Wednesday with the Securities and Exchange Commission.

Interest is payable quarterly.

The company can redeem the notes after Sept. 15, 2016 at par plus accrued interest.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunning managers. J.P. Morgan Securities LLC and RBC Capital Markets LLC are the lead managers. SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the co-managers.

Proceeds from the sale will be used to redeem $550 million of the company's $1.5 billion of 8.875% notes due March 15, 2012 in October.

Qwest, now a subsidiary of CenturyLink, Inc., is a Monroe, La.-based telecommunications provider.

© 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.