CTL is pushing out maturities on another billion.....
CenturyLink Announces Proposed Private Offering of Level 3 Financing Senior Notes
7:30 AM ET 6/10/20 | Dow Jones
Also Separately Furnishes Notices to Partially Redeem Qwest Corporation Notes
DENVER, June 10, 2020 /PRNewswire/ -- CenturyLink Inc. (NYSE: CTL) announced that Level 3 Financing Inc., its indirect, wholly-owned subsidiary ("Level 3 Financing"), plans to offer $1 billion aggregate principal amount of fixed-rate, eight-year unsecured senior notes (the "2028 Notes") in a proposed private offering that will not be registered under the Securities Act of 1933, as amended (the "Securities Act").
The net proceeds from the offering will be used, together with cash on hand, for general corporate purposes, including, without limitation, to redeem all $840 million aggregate principal amount of Level 3 Financing's outstanding 5.375% Senior Notes due 2022 (the "2022 Notes") and a portion of Level 3 Financing's outstanding 5.625% Senior Notes due 2023 (the "2023 Notes").
The 2028 Notes will not be registered under 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 2028 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 2028 Notes will not have registration rights.
In a separate transaction, CenturyLink also announced that its indirect, wholly-owned subsidiary, Qwest Corporation, issued notices to redeem $200 million outstanding aggregate principal amount of its 6.875% Notes due 2054 (the "Qwest Notes"). Pursuant to these notices, on June 29, 2020, $200 million of the Qwest Notes will be redeemed at par plus accrued and unpaid interest to but excluding the redemption date with respect to the Qwest Notes. Additional information regarding the partial redemption of the Qwest Notes is available from Bank of New York Mellon. |
