Qwest announces tender for $1.2 billion in 7.9% notes, 7¼% notes

By Devika Patel

Knoxville, Tenn., Feb. 24 - Qwest Communications International Inc. said its subsidiary, Qwest Capital Funding, is offering to purchase for cash all $1.2 billion of two outstanding debt securities. The affected securities consist of $402,923,000 of 7.9% notes due 2010 and $800.98 million of 7¼% notes due 2011.

The offer is scheduled to expire at 5 p.m. ET on March 24.

Qwest Communications has guaranteed these notes.

The consideration for each $1,000 of notes tendered and accepted will be $996.25 for the 7.9% notes and $1,016.25 for the 7¼% notes. Those who tender by 5 p.m. ET on March 9 will also receive an early participation payment of $30.00 per $1,000 in notes.

Interest will be paid in cash up to but excluding the payment date, which will be March 10 for those who tender by March 9 and March 25 for all remaining participants.

Bank of America Merrill Lynch (toll-free, 888 292-0070, or collect, 646 855-3401) and Morgan Stanley (toll-free, 800 624-1808, or collect, 212 761-5384) are the dealer managers for the tender offer. D.F. King & Co., Inc. (800 829-6551) is the information agent.

Qwest is a Denver-based telecommunications company.

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