CenturyLink, Inc. (NYSE: CTL) wholly owned subsidiary, Qwest Corporation has agreed to sell USD850 million aggregate principal amount of 6.5 percent notes due 2056, the company said.
Qwest said it intends to use the net proceeds from this offering to redeem all of the USD661.25 million aggregate principal amount of its outstanding 7.375 percent notes due 2051, together with accrued and unpaid interest on the redeemed notes. Qwest anticipates using the remainder of these net proceeds for additional debt repayments.
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.
CenturyLink (NYSE: CTL) is a global communications, hosting, cloud and IT services company, offering network and data systems management, Big Data analytics and IT consulting.