MONROE, La., April 18, 2017 /PRNewswire/ -- CenturyLink,
Inc. (NYSE: CTL) announced today that its wholly-owned subsidiary,
Qwest Corporation ("Qwest"), agreed to sell $575 million aggregate principal amount of 6.75%
Notes due 2057. Qwest also granted the underwriters of this
offering an option to acquire up to an additional $86.25 million principal amount of these notes to
cover any over-allotments. The closing of this offering is expected
to occur on April 27, 2017, subject
to customary closing conditions.
Qwest intends to apply to list the notes on the New York Stock
Exchange. If the application is approved, Qwest expects trading in
the notes to begin within 30 days after the notes are first
issued.
Qwest intends to use the net proceeds from this offering,
together with available cash or intercompany borrowings, to redeem,
as soon as reasonably practicable, (i) all $500 million aggregate principal amount of its
outstanding 6.5% Notes due June 1,
2017 and (ii) a portion of the $288.5
million aggregate principal amount of its outstanding 7.50%
Notes due 2051, including in each case accrued and unpaid interest
on all such redeemed notes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo
Securities, LLC are the joint book-running managers for this
offering.
Qwest is offering the notes pursuant to its existing shelf
registration statement. Qwest intends to file with the
Securities and Exchange Commission a definitive prospectus
supplement and accompanying prospectus describing the terms of this
offering. When available, copies of the definitive prospectus
supplement and accompanying prospectus for this offering may be
obtained by contacting Merrill Lynch, Pierce, Fenner & Smith
Incorporated, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention:
Prospectus Department, toll-free at 1-800-294-1322 or emailing
dg.prospectus_requests@baml.com, Morgan Stanley & Co. LLC
toll-free at 1-866-718-1649, RBC Capital Markets, LLC, 200 Vesey
Street, 8th Floor, New York,
NY 10281, Attention: Transaction Management, toll-free at
1-866-375-6829 or emailing rbcnyfixedincomeprospectus@rbccm.com, or
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite
1000, Minneapolis, MN 55402,
Attention: WFS Customer Service, toll-free at 1-800-645-3751 or
emailing wfscustomerservice@wellsfargo.com.
This press release is not an offer to sell any securities, a
solicitation of an offer to buy any securities or a notice of
redemption of any securities. This offering will not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
About CenturyLink
CenturyLink, Inc. (NYSE: CTL) is a global communications,
hosting, cloud and IT services company enabling millions of
customers to transform their businesses and their lives through
innovative technology solutions. CenturyLink offers network and
data systems management, Big Data analytics and IT consulting, and
operates more than 55 data centers in North America, Europe and Asia. The company provides broadband, voice,
video, data and managed services over a robust 250,000-route-mile
U.S. fiber network and a 300,000-route-mile international transport
network. Visit www.centurylink.com for more information.
Forward Looking Statements
This press release includes certain forward-looking
statements, estimates and projections that are based on current
expectations only, and are subject to a number of risks,
uncertainties and assumptions, many of which are beyond the control
of CenturyLink, Inc. ("CenturyLink") and Qwest. Actual events and
results may differ materially from those anticipated, estimated or
projected if one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect. Factors
that could affect actual results include but are not limited to
Qwest's failure to satisfy the conditions to the underwriters'
obligation to consummate the offering; the possibility that
corporate developments could preclude, impair or delay the
above-described offering due to restrictions under the federal
securities laws; changes in Qwest's credit ratings; changes in
Qwest's cash requirements or financial position; changes in general
market, economic, tax, regulatory or industry conditions that
impact the ability or willingness of Qwest to consummate the
above-described offering or listing on the terms described above or
at all; Qwest's continued access to credit markets on favorable
terms; and other risks referenced from time to time in
CenturyLink's or Qwest's filings with the Securities and Exchange
Commission. There can be no assurances that the above-described
offering will be consummated or the notes will be listed on the
terms described above or at all. You should be aware that new
factors may emerge from time to time and it is not possible for
CenturyLink or Qwest to identify all such factors, nor can
CenturyLink or Qwest predict the impact of each such factor on its
plans, or the extent to which any one or more factors may cause
actual results to differ from those reflected in any of their
forward-looking statements. You are further cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Neither CenturyLink nor
Qwest undertakes any obligation to publicly update any of its
forward-looking statements for any reason.
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SOURCE CenturyLink, Inc.