CenturyLink's (NYSE: CTL) newly acquired subsidiary Qwest plans to sell sell $575 million aggregate principal amount of 7.375 percent of notes due in 2051.
In addition, Qwest granted the underwriters of this offering an option to acquire up to an additional $86.25 million principal amount of these notes to cover overallotments.
Expected to close on June 8, 2011, the notes, which are expected to be listed on the New York Stock Exchange, are callable at par on and after June 1, 2016.
When Qwest completes the offering, it plans to use the proceeds in combination with other funds from CenturyLink to redeem all of its 7.875 percent of notes due this year.
For more:
- see the release
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