Qwest Communications tenders for $750 million 7.20% notes

New York, Aug. 11 - Qwest Communications International Inc. said that its Qwest Corp. (Ba3/BB-) subsidiary is offering to purchase for cash any and all of its $750 million of outstanding 7.20% notes scheduled to mature on Nov. 1.

The company set an early participation deadline of 5 p.m. ET on Aug. 24 and said that the tender offer would expire at midnight ET on Sept. 8, with both deadlines subject to possible extension.

Qwest, a Denver-based provider of telecommunications services, said that holders validly tendering their notes by the early participation deadline would receive total consideration of $1,009.40 per $1,000 principal amount of notes tendered and accepted by the company for purchase, consisting of a purchase price of $989.40 per $1,000 principal amount and an early participation payment of $20 per $1,000 principal amount. Holders tendering notes after the early participation deadline but before the tender offer expires would only receive the purchase price of $989.40 per $1,000 principal amount but not the early participation payment. All tendering holders will also receive accrued and unpaid interest up to but not including the applicable date of payment for the notes.

Holders tendering their notes by the early participation deadline will receive payment on or about the first business day following the deadline. Tenders of notes may be withdrawn only up to the early participation deadline. Holders tendering their notes after the early participation deadline will be paid on or about the first business day following the offer expiration.

Qwest said the offer is subject to certain conditions, including the completion of the separately announced private offering of $500 million principal amount of new Qwest Corp. debt securities launched simultaneously with this offer. The offer is not subject to the receipt of any minimum amount of tenders.

Lehman Brothers (contact the Liability Management Group at 212 528-7581 or at 800 438-3242) and Goldman, Sachs & Co. (contact the Credit Liability Management Group at 212 357-3019 or at 800 828-3182) are the dealer-managers for the offer. Global Bondholder Services Corp. is the information agent for the offer (call 866 470-3500 or collect at 212 430-3774).

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