CenturyLink doubles Qwest debt offer to $1.08B

CenturyLink's (NYSE: CTL) Qwest subsidiary has increased the size of its debt buyback offer to $1.08 billion as part of a move to reduce its interest payments.

The new tender offer follows word that Qwest's initial repurchase of up to $500 million in principal from two elements of debt due in 2015 and 2016 was oversubscribed.

On Tuesday, Qwest said it was going to increase the offer for the notes due in 2016 from $330 million to $580 million. Qwest added that it will pay for the offering with its own cash on hand or by getting more funds from its revolving credit facility.

Similarly, CenturyLink's Embarq Corp. subsidiary made a tender offering in early March. In the tender offer, Embarq Corp. proposed to repurchase notes that are due in 2013 and 2016 with about $2.5 billion in outstanding principal.

For more:
- see the release
- Dow Jones Newswires via Wall Street Journal has this article

Special Report: Q4 roundup: ILECs bulked up on video, business and broadband

Related articles:
CenturyLink's Embarq to purchase debt for $1.25B
CenturyLink to incorporate Savvis into its broader channel program
In detail: Unraveling the triple play bundle
CenturyLink realigns its business services unit

Suggested Articles

Another domino has fallen in the SD-WAN sector with Monday's news that Juniper Networks is buying 128 Technology for $450 million.

Frontier announced on Friday that it has secured approval for its Chapter 11 restructuring plan from the New York Public Service Commission.

SpaceX and Neustar are among the seven new members that have recently joined USTelecom.