Qwest repays $500 million of bank debt

By Sara Rosenberg

New York, Dec. 22 - Qwest Communications International Inc. paid down $500 million of debt under its senior credit facility leaving the company with $750 million outstanding, according to a company news release.

The company also completed the purchase of $3 billion of its outstanding debt securities under a cash tender offer.

"We increased the tender offer by $750 million, to $3 billion, due to strong participation," said Oren G. Shaffer, vice chairman and chief financial officer, in the release. "The success of this tender, coupled with our credit facility reduction and the other steps we have taken, enabled us to reduce total debt by $8.5 billion to approximately $17.6 billion in a little over a year."

Qwest is a Denver-based telecommunications company.

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