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Qwest receives tenders of $921 million 5 7/8% notes by first deadline
New York, Feb. 12 - Qwest Communications International Inc. said $921 million principal amount or 96% of Qwest Capital Funding, Inc.'s 5 7/8% notes due Aug. 3, 2004 were tendered by the early participation deadline.
It added that it has bought the notes for cash on Thursday.
The early participation deadline was 5 p.m. ET on Feb. 11.
Notes tendered by that time were bought at $1,020 per $1,000 principal amount plus accrued interest.
Qwest announced on Jan. 29 that it had begun a cash tender offer for all Qwest Capital Funding's $963.505 million principal amount of 5 7/8% notes.
Holders who tender by the early participation deadline of 5 p.m. ET on Feb. 11 will receive $1,020 per $1,000 principal amount, including a $20 early participation payment.
Holders who tender after the early participation deadline but before the expiration date of midnight ET on Feb. 26 will receive par for their notes.
The Denver, Colo. telecommunications company said there is no minimum tender condition.
Banc of America Securities LLC (contact High Yield Special Products at 888 292-0070 or collect at 704 388-4813) and UBS Investment Bank (contact Liability Management Group at 888 722-9555, ext. 4210 or collect at 203 719-4210) are dealer managers. The information agent is Global Bondholder Services Corp. (866 470-3500 or collect at 212 430-3774).
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