MONROE, La., Dec. 16, 2019 /PRNewswire/ -- CenturyLink,
Inc. (NYSE: CTL) announced that it entered into an indenture and
supplemental indenture with Regions Bank, as trustee, in connection
with completing its previously-announced sale of $1.25 billion aggregate principal amount of
newly-issued unsecured 5.125% Senior Notes due 2026 (the "2026
Notes").
The net proceeds from the offering of the 2026 Notes will be
used (i) to redeem all of Qwest Corporation's $850 million outstanding aggregate principal
amount of 6.875% senior notes due 2033 (the "2033 Notes") and all
of Qwest Corporation's $250 million
outstanding aggregate principal amount of 7.125% senior notes due
2043 (the "2043 Notes," and together with the 2033 Notes, the
"Qwest Notes") and (ii) for general corporate purposes, including
redemptions, repurchases or repayments of CenturyLink debt. Qwest
Corporation is an indirect, wholly owned subsidiary of
CenturyLink.
In connection with completing the offering, Qwest Corporation
issued notices to redeem all of the Qwest Notes. Pursuant to these
notices, on Jan. 15, 2020:
- All of the 2033 Notes will be redeemed at a redemption price
equal to 100.390% of par plus accrued and unpaid interest of
approximately $22.92 per $1,000 principal amount of the 2033 Notes,
and
- All of the 2043 Notes will be redeemed at a redemption price
equal to 101.644% of par plus accrued and unpaid interest of
approximately $11.88 per $1,000 principal amount of the 2043 Notes.
Additional information regarding the redemption of the Qwest
Notes is available from The Bank of New York Mellon Trust Company,
National Bank. This press release does not constitute a notice of
redemption with respect to the Qwest Notes.
Based upon current circumstances and information, CenturyLink
expects to account for these refinancing transactions primarily as
an extinguishment of debt and expects that any gain or loss from
the transactions will not be material to its financial results.
The 2026 Notes were privately placed without being registered
under the Securities Act of 1933, as amended.
About CenturyLink
CenturyLink (NYSE: CTL) is a technology leader delivering hybrid
networking, cloud connectivity, and security solutions to customers
around the world. Through its extensive global fiber network,
CenturyLink provides secure and reliable services to meet the
growing digital demands of businesses and consumers. CenturyLink
strives to be the trusted connection to the networked world and is
focused on delivering technology that enhances the customer
experience.
Forward Looking Statements
Except for historical and factual information, the matters
set forth in this release and other of our oral or written
statements identified by words such as "estimates," "expects,"
"anticipates," "believes," "plans," "intends," "will," and similar
expressions are forward-looking statements. These forward-looking
statements are not guarantees of future results and are based on
current expectations only, are inherently speculative, and are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond our control. Actual events and results
may differ materially from those anticipated, estimated, projected
or implied by us in those statements 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 changes in CenturyLink's or any of its subsidiaries'
cash requirements, financial position, financing plans or
investment plans; changes in general market, economic, tax,
regulatory or industry conditions; and other risks referenced from
time to time in CenturyLink's filings with the Securities and
Exchange Commission ("SEC"). For all the reasons set forth above
and in our SEC filings, you are cautioned not to unduly rely upon
our forward-looking statements, which speak only as of the date
made. We undertake no obligation to publicly update or revise any
forward-looking statements for any reason, whether as a result of
new information, future events or developments, changed
circumstances, or otherwise. Furthermore, any information about our
intentions contained in any of our forward-looking statements
reflects our intentions as of the date of such forward-looking
statement, and is based upon, among other things, existing
regulatory, technological, industry, competitive, economic and
market conditions, and our assumptions as of such date. We may
change our intentions, strategies or plans (including our plans
expressed herein) without notice at any time and for any
reason.
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SOURCE CenturyLink, Inc.