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Technology Stocks : Qwest Communications (Q) (formerly QWST) -- Ignore unavailable to you. Want to Upgrade?

To: SJS who wrote (4185)	6/18/1999 3:44:00 PM
From: Nick	Read Replies (1) \| Respond to of 6846

Qwest Seeks $4 Bln in Loans to Buy Frontier, U S West (Correct) Bloomberg News June 18, 1999, 11:56 a.m. PT Qwest Seeks $4 Bln in Loans to Buy Frontier, U S West (Correct) (Corrects headline to show Qwest targets.) Rochester, New York, June 18 (Bloomberg) -- Qwest Communications International Inc., the No. 4 U.S. long-distance phone provider, is seeking $4 billion in loans to help pay for its proposed purchase of Frontier Corp. and U S West Inc., bankers said. Qwest's bankers, led Donaldson, Lufkin & Jenrette Securities Corp. and Bank of America Corp. are in the first stages of organizing the loan. They plan for the borrowing to be spread among many more lenders, a person familiar with their plans said. The structure of the loans hasn't been set ''pending the outcome of any bidding war,'' the person said. He expects loans with maturities of up to five years. Qwest bid $66.4 billion for the two companies Monday in an attempt to break-up Global Crossing Ltd.'s earlier offer. Global Crossing has said it won't raise its bid. Frontier, the No. 5 U.S. long-distance phone company, yesterday rejected Qwest's unsolicited proposal, saying it prefers the existing agreement with Global Crossing. U S West, the sixth-largest local provider said it's continuing to evaluate Qwest's offer. Qwest offered as much as 1.783 of its shares, or about $64.18 for each share of U S West, or about $38 billion, so long as Frontier accepts the bid. Qwest bid up to 1.226 of its shares and $20 cash for Frontier, or about $13 billion. Qwest said it would also assume about $11.4 billion in debt.