| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CenturyLink, Inc. > News item |
CenturyLink postpones split-rated notes offering due 2022, 2042
By Andrea Heisinger
New York, Oct. 1 - CenturyLink, Inc. announced and then postponed a benchmark offering of senior notes (Baa3/BB/BBB-) in two tranches on Monday, a market source said.
The offering included 10-year notes, series V, and a reopening of 7.65% bonds, series W, due on March 15, 2042.
There is already $650 million outstanding of the bonds due 2042, which were priced on March 5, 2012.
The source did not know the specific reason for the postponement but speculated that "it probably had to do with market conditions."
A source away from the CenturyLink trade said that market chatter was that the delay of the bond sale was less related to market conditions than to investor unease over recent headlines related to an acquisition.
Over the past weekend, there was news that CenturyLink was in talks to acquire tw telecom.
"I think it was more credit related," the source said. "There was a lot of noise about the [possible] merger."
The 10-year notes had been talked in the 337 basis points area while the reopened bonds due 2042 had guidance in the 450 bps area.
There is a change-of-control put at 101%.
Active bookrunners are J.P. Morgan Securities LLC and RBC Capital Markets LLC.
Passive bookrunners are Barclays, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
Proceeds, along with available cash or borrowings under a revolving credit facility if necessary, were to be used to redeem $550 million of Qwest Communications International Inc.'s notes due 2015 and to repurchase $800 million of Qwest's outstanding notes due 2018 under a tender offer.
The communications company is based in Monroe, La.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.