CenturyLink Prices $650 Million of Debt Securities
15 September 2009 - 10:42AM
PR Newswire (US)
MONROE, La., Sept. 14 /PRNewswire-FirstCall/ -- CenturyLink
(NYSE:CTL) announced that it priced $250 million of 10-year,
unsecured senior notes and $400 million of 30-year, unsecured
senior notes earlier today. The $250 million of 10-year senior
notes was priced at 99.891% of par with a coupon of 6.15%, or an
effective yield to maturity of 6.165%. The $400 million of 30-year
senior notes was priced at 99.955% of par with a coupon of 7.6%, or
an effective yield to maturity of 7.604%. These senior notes have
been rated BBB- by Standard & Poor's and Fitch, and Baa3 by
Moody's, all with a stable outlook. CenturyLink expects to use the
net proceeds from this offering, along with additional borrowings
under its existing revolving credit facility, to fund the tender
offers announced this morning for up to $800 million principal
amount of outstanding CenturyLink and Embarq Corporation unsecured
senior notes due 2010 to 2013. BofA Merrill Lynch, Barclays Capital
Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC
are the joint book-running managers for this offering. The senior
notes are being offered pursuant to CenturyLink's existing shelf
registration statement, which became automatically effective upon
filing with the Securities and Exchange Commission. A prospectus
supplement and accompanying prospectus describing the terms of this
offering will be filed with the Securities and Exchange Commission.
When available, copies of the prospectus supplement and
accompanying prospectus for this offering may be obtained from:
BofA Merrill Lynch, telephone 1-800-294-1322, Barclays Capital Inc.
at 1-888-603-5847, J.P. Morgan Securities Inc., call collect:
212-834-4533 or Wells Fargo Securities, LLC at 1-800-326-5897. This
press release is neither an offer to sell nor a solicitation of an
offer to buy any securities, and 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 is a leading provider of high-quality voice, broadband
and video services over its advanced communications networks to
consumers and businesses in 33 states. CenturyLink, headquartered
in Monroe, La., is an S&P 500 Company and expects to be listed
in the Fortune 500 list of America's largest corporations. For more
information on CenturyLink, visit http://www.centurylink.com/.
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. 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 the possibility that
CenturyLink's existing or potential noteholders will not be
receptive to the its pending tender offers; corporate developments
that could preclude, impair or delay the above-described
transactions due to restrictions under the federal securities laws;
changes in the terms of our credits facilities or ratings; changes
in CenturyLink's cash requirements or financial position; changes
in general market, economic, tax, regulatory or industry conditions
that impact the ability or willingness of CenturyLink to consummate
the above-described offering or its pending tender offers;
CenturyLink's continued access to credit markets on favorable
terms; and other risks referenced from time to time in
CenturyLink's filings with the Securities and Exchange Commission.
There can be no assurances that the above-described transactions
will be consummated 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 to identify all such factors,
nor can CenturyLink 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
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. CenturyLink undertakes
no obligation to update any of its forward-looking statements for
any reason. DATASOURCE: CenturyLink CONTACT: Tony Davis of
CenturyLink, +1-318-388-9525, Web Site: http://www.centurylink.com/
Copyright