Qwest Corp. $500 million seven-year notes talked to yield 8%-8¼%, to price Thursday

By Paul A. Harris

St. Louis, Aug. 11 - Qwest Corp.'s $500 million offering of seven-year senior notes (Ba3/BB-/BB) is talked to yield 8% to 8¼%, a syndicate source said Wednesday.

The quick-to-market deal is expected to price on Thursday.

Goldman Sachs & Co. has the physical books for the Rule 144A offering. Lehman Brothers and Deutsche Bank Securities are joint bookrunners. The co-managers are Banc of America Securities, Credit Suisse First Boston, Wachovia Securities, BNY Securities, Citigroup, RBS Capital Markets and Wells Fargo Capital.

The notes will feature a make-whole call.

Proceeds will be used to partially fund the tender for the company's 7.2% notes due Nov. 1, 2004 and for general corporate purposes, including funding or refinancing investments in telecommunications assets.

The prospective issuer is a Denver-based provider of voice, video and data services.

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