CenturyLink subsidiary Qwest begins tender offer for 7 1/8% notes

By Jennifer Chiou

New York, Nov. 14 - CenturyLink, Inc. subsidiary Qwest Communications International Inc. announced the start of a tender offer for any and all of its $800 million of 7 1/8% notes due 2018.

CenturyLink terminated a prior tender offer for the notes in early October after the company decided not to proceed with its plan to issue new notes, which were meant to satisfy the financing condition of the offer.

According to a company press release, CenturyLink plans to issue new 10-year senior notes in connection with the offer.

The tender offer will end at midnight ET on Dec. 12.

The company will pay $1,040 per $1,000 principal amount of notes to those who tender prior to 5 p.m. ET on Nov. 26, the early tender deadline. The total consideration includes a $30 early tender premium.

The company will also pay accrued interest.

Assuming the concurrent debt offering is completed, Qwest said it intends to redeem any notes not tendered in its offer at a redemption price of $1,035.63 per $1,000 principal amount plus any accrued interest.

The dealer managers are Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760), BofA Merrill Lynch (888 292-0070 or 980 388-3646), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) and RBC Capital Markets, LLC (877 381-2099 or 212 618-7822). The information agent is D.F. King & Co., Inc. (800 659-5550 or call collect 212 269-5550).

CenturyLink is a telecommunications company based in Monroe, La.

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