MONROE, La., Dec. 9, 2019 /PRNewswire/ -- CenturyLink,
Inc. (NYSE: CTL) (the "Company" or "CenturyLink") announced that it
has agreed to sell $1.25 billion
aggregate principal amount of its newly-issued unsecured 5.125%
Senior Notes due 2026 (the "2026 Notes") pursuant to the private
offering announced earlier today.
The 2026 Notes were priced to investors at par and will mature
on December 15, 2026.
CenturyLink plans to use the net proceeds from the offering (i)
to redeem all of Qwest Corporation's $850
million outstanding aggregate principal amount of 6.875%
senior notes due 2033 (the "2033 Notes") and all of Qwest
Corporation's $250 million
outstanding aggregate principal amount of 7.125% senior notes due
2043 (the "2043 Notes", and together with the 2033 Notes, the
"Qwest Notes") and (ii) for general corporate purposes, including
redemptions, repurchases or repayments of CenturyLink
debt.
Qwest Corporation is an indirect, wholly owned subsidiary of
CenturyLink, Inc. This press release does not constitute a notice
of redemption with respect to any of the Qwest Notes.
The offering is expected to be completed on December 16, 2019, subject to the satisfaction or
waiver of customary closing conditions.
The 2026 Notes will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), or any state securities
laws in the United States and may
not be offered or sold in the United
States absent registration or an exemption from the
applicable registration requirements. Accordingly, the 2026 Notes
are being offered and sold only to persons reasonably believed to
be qualified institutional buyers in accordance with Rule 144A
promulgated under the Securities Act and to non-U.S. persons
outside the United States in
accordance with Regulation S promulgated under the Securities
Act. The 2026 Notes will not have registration rights. This
announcement will not constitute an offer to sell, or a
solicitation of an offer to buy any securities, nor will there be
any sale of the 2026 Notes, in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About CenturyLink
CenturyLink (NYSE: CTL) is a technology leader delivering hybrid
networking, cloud connectivity, and security solutions to customers
around the world. Through its extensive global fiber network,
CenturyLink provides secure and reliable services to meet the
growing digital demands of businesses and consumers. CenturyLink
strives to be the trusted connection to the networked world and is
focused on delivering technology that enhances the customer
experience.
Forward Looking Statements
Except for historical and factual information, the matters
set forth in this release and other of our oral or written
statements identified by words such as "estimates," "expects,"
"anticipates," "believes," "plans," "intends," and similar
expressions are forward-looking statements. These forward-looking
statements are not guarantees of future results and are based on
current expectations only, are inherently speculative, and are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond our control. Actual events and results
may differ materially from those anticipated, estimated, projected
or implied by us in those statements 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 CenturyLink's failure to satisfy the conditions to
the initial purchasers' obligation to consummate the offering;
corporate developments that could preclude, impair or delay the
above-described transactions due to restrictions under the federal
securities laws; changes in CenturyLink's credit ratings; changes
in CenturyLink's cash requirements, financial position, financing
plans or investment plans; changes in general market, economic,
tax, regulatory or industry conditions that impact the ability or
willingness of CenturyLink to consummate the above-described
transactions on the terms described above or at all; and other
risks referenced from time to time in CenturyLink's filings with
the Securities and Exchange Commission ("SEC"). For all the reasons
set forth above and in our SEC filings, you are cautioned not to
unduly rely upon our forward-looking statements, which speak only
as of the date made. We undertake no obligation to publicly update
or revise any forward-looking statements for any reason, whether as
a result of new information, future events or developments, changed
circumstances, or otherwise. Furthermore, any information about our
intentions contained in any of our forward-looking statements
reflects our intentions as of the date of such forward-looking
statement, and is based upon, among other things, existing
regulatory, technological, industry, competitive, economic and
market conditions, and our assumptions as of such date. We may
change our intentions, strategies or plans (including our plans
expressed herein) without notice at any time and for any
reason.
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SOURCE CenturyLink, Inc.