CenturyLink, Inc. (NYSE: CTL) has agreed to sell USD1.0 billion of newly issued unsecured eight-year senior notes, the company said.
The senior notes due 2024 were priced at par with an annual coupon rate of 7.5 percent. The sale of these notes is expected to be completed April 6, 2016, subject to customary closing conditions.
CenturyLink intends to use the net proceeds from this offering, together with additional borrowings under its revolving credit facility and available cash, if any, to provide the total amount of funds required to fully retire at maturity on June 1, 2016 all USD1.184 billion aggregate principal amount of 7.082 percent Notes issued by its wholly owned subsidiary, Embarq Corporation.
J.P. Morgan Securities LLC, Barclays Capital Inc., SunTrust Robinson Humphrey, Inc. and Mizuho Securities USA Inc. are the joint book-running managers for this offering.
CenturyLink 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.