Qwest’s $150 million of $25-par notes due 2056 talked at 7% area

By Stephanie N. Rotondo

Seattle, Jan. 25 – Qwest Corp. is looking to sell at least $150 million of $25-par notes due 2056 (expected ratings: Baa3/BBB-/BBB-), the company said in a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is in the 7% area, a market source reported.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunning managers.

Interest will be payable on the notes on a quarterly basis. The notes become redeemable in 2021 at par plus accrued interest.

The Monroe, La.-based unit of CenturyLink intends to list the new notes on the New York Stock Exchange.

Proceeds will be used with available cash to retire $235 million of notes coming due this year.

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