CenturyLink (CTL) Subsidiary, Qwest, To Sell Debt Securities
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CenturyLink, Inc. (NYSE: CTL) subsidiary, Qwest Corporation, agreed to sell $400 million aggregate principal amount of 7.00% Notes due 2052. The closing of this offering is expected to occur on June 25, 2012.
"We intend to apply to list the notes on the New York Stock Exchange. If the application is approved, we expect trading in the notes to begin within 30 days after the initial issuance of the notes."
Following completion of the offering, Qwest intends to use the net proceeds from this offering, together with available cash or additional borrowings from CenturyLink or its affiliates, to redeem all $484 million aggregate principal amount of Qwest's outstanding 7.50% Notes due 2023, at a redemption price of approximately 100.34% of the principal amount thereof plus accrued and unpaid interest to the redemption date, and to pay all related fees and expenses.
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"We intend to apply to list the notes on the New York Stock Exchange. If the application is approved, we expect trading in the notes to begin within 30 days after the initial issuance of the notes."
Following completion of the offering, Qwest intends to use the net proceeds from this offering, together with available cash or additional borrowings from CenturyLink or its affiliates, to redeem all $484 million aggregate principal amount of Qwest's outstanding 7.50% Notes due 2023, at a redemption price of approximately 100.34% of the principal amount thereof plus accrued and unpaid interest to the redemption date, and to pay all related fees and expenses.
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