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.
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