Qwest completes tenders for 5 7/8% notes

New York, Feb. 27 - Qwest Communications International Inc. (B3/CCC+) said it had completed its previously announced tender offer for all of the 5 7/8% notes due Aug. 3, 2004 issued by its Qwest Capital Funding Inc. subsidiary, which expired as scheduled at midnight ET on Feb. 26, without extension.

As of that deadline, holders had tendered $921 million of the notes, or 96% of the outstanding principal amount - essentially unchanged from the amount which had been tendered by the previously announced Feb. 11 early participation deadline. It noted that those notes had already been accepted and paid for.

It said that final settlement of any notes tendered after the early participation deadline was completed on Feb. 27.

As previously announced, Qwest Communications, a Denver-based telecommunications company, said 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.

It set an early participation deadline of 5 p.m. ET on Feb. 11 and said the offer would expire at midnight ET on Feb. 26, subject to possible extension.

It said that holders tendering by the early participation deadline would receive $1,020 per $1,000 principal of notes tendered and accepted for payment, including a $20 per $1,000 principal amount early participation payment.

Holders tendering after the early participation deadline but before the expiration would receive par value for their notes but no early participation payment.

Qwest set no minimum tender condition.

On Feb. 12, Qwest said $921 million principal amount of the notes, or 96% of the outstanding amount, had been tendered by the early participation deadline and had been purchased that day for cash.

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) were the dealer managers for the offer. The information agent was Global Bondholder Services Corp. (866 470-3500 or collect at 212 430-3774).

© 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.