Qwest Communications redeems $1.1 billion 3.5% convertibles due 2025

By Melissa Kory

Cleveland, Dec. 29 - Qwest Communications International Inc. said it completed the redemption of its $1.1 billion of outstanding 3.5% convertible notes due 2025.

The notes were redeemed for a total cash cost of $1.7 billion.

The redemption was required by Qwest's merger agreement with CenturyLink, Inc.

Since February 2010, Qwest has reduced debt by about $3.3 billion as part of its plan to reduce debt by $3.5 billion by the end of the first quarter of 2011.

Qwest is a Denver-based provider of data, internet, video and voice services.

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