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

To: SJS who wrote (3862)	5/25/1999 5:29:00 PM
From: MangoBoy	Read Replies (1) \| Respond to of 6846

[KPNQwest Raises $805 Million to Complete Macro-Capacity Fiber Optic Network in Europe] DENVER--(BUSINESS WIRE)--May 25, 1999--Qwest Communications International Inc., the Internet communications company, today said the KPNQwest joint venture has secured $805 million of 10-year debt in a combination of 450 million in U.S. dollars and 340 million euros, to complete construction of their fiber-optic network covering 39 key business markets in Europe. The sale of the notes represents the largest Euro and non-dollar offering ever completed (340 million euros), and the largest high-yield bond offering by a continental European issuer. The $450 million of 8 1/8 percent, 10-year notes sold at 99.293 to yield 8.232 percent or 275 basis points more than U.S. Treasury notes of comparable maturities. The 340 million euro ($357 million), or 7 1/8 percent notes sold at 99.261, for a yield of 7.23 percent or 325 basis points above the 10-year German bonds. When complete in 2001, the European network will provide reliable, scalable, secure and seamless broadband and IP-based communications services to customers. The European network will also be linked to the 18,500-mile or 29,500 kilometer Qwest U.S. network, which will be completed in June. "The financial markets in Europe and the U.S. have demonstrated their confidence in the people of KPNQwest to complete the plan to build Europe's most advanced pan-European fiber-optic network. This financial support accelerates the completion of our plans," said Jack McMaster, chief executive officer of KPNQwest. The KPNQwest venture was announced last November and finalized on April 13, 1999. Customers for the company will include multi-national and other firms worldwide that want integrated voice, data and image communications; and communications companies that want to buy wholesale network capacity. Services will eventually include IP-based voice communications; high-speed Internet access; intranets; extranets, and Web hosting; IP-based virtual private networks and ATM (Asynchronous Transfer Mode) and IP transit services for the wholesale market.