Qwest plans to redeem all 3.5% convertibles in November with CenturyLink merger; tender ongoing

By Jennifer Chiou

New York, Aug. 20 - Qwest Communications International Inc. intends to redeem all of its 3.5% convertible senior notes due 2025 on Nov. 20, according to an 8-K filing with the Securities and Exchange Commission.

The company announced the par redemption in response to noteholder queries, adding that the planned call is in connection with Qwest's plan of merger with CenturyLink, Inc. (formerly CenturyTel, Inc.).

Last week, the company extended the expiration date of its cash tender offer for all $1.265 billion of the convertibles.

The offer launched on July 13 and will now end at 5 p.m. ET on Aug. 26, extended from Aug. 12.

The company said it will pay $1,170 for each $1,000 of notes, plus accrued interest to the settlement date, which is now slated for Aug. 27.

Upon a notice of redemption, holders will be able to convert their notes until the close on Nov. 19.

Global Bondholder Services Corp. is the information agent (866 540-1500 or call collect 212 430-3774). Goldman Sachs & Co. is the dealer manager (800 828-3182 or call collect 212 902-5128).

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

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