By Paul A. Harris
St. Louis, Sept. 14 - Qwest Communications International Inc. priced an upsized $550 million issue of 8% six-year notes (Ba3/B+/) at 98.244 to yield 8 3/8% on Monday, according to market source.
The yield came tight to the 8 3/8% to 8½% price talk.
Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities and UBS Investment Bank ran the books for the deal, which was upsized from $300 million.
Proceeds will be used for general corporate purposes, including repayment of debt and funding and refinancing investments in the company and its subsidiaries' telecommunications assets.
The issuer is a Denver-based telecommunications company.
| Issuer: | Qwest Communications International Inc.
|
| Face amount: | $550 million, increased from $300 million
|
| Proceeds: | $540.342 million
|
| Maturity: | Oct. 1, 2015
|
| Security description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities, UBS Investment Bank
|
| Coupon: | 8%
|
| Price: | 98.244
|
| Yield: | 8 3/8%
|
| Spread: | 602 bps
|
| Call protection: | Three years
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A
|
| Price talk: | 8 3/8% to 8½%
|
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