CenturyLink's (NYSE: CTL) new subsidiary Qwest Corp. plans to sell $950 million in 6.75 percent notes that are due in December 2021.
Priced at 98.181 percent of par with a coupon of 6.75 percent, the notes have an effective yield to maturity of 7 percent.
Expected to close on Oct. 4, Qwest said it will use the proceeds from the offering and the $557 million it received last week in a separate offering to redeem $1.5 billion of its 8.875 percent notes due next year before they come due.
Serving as the joint book-running managers for this latest offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities (USA), Inc. and SunTrust Robinson Humphrey, Inc.
For more:
- CNBC has this article
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