CenturyTel raises debt, stock, units, preferreds shelf to $3 billion

New York, March 14 - CenturyTel, Inc. increased its shelf filing with the Securities and Exchange Commission to $3 billion from $1.1 billion. The registration covers debt securities, preferred stock, depositary shares, common stock, warrants, purchase contracts, purchase units and trust preferreds to be sold by CenturyTel Capital Trust I. Securities may be structured as convertibles.

The Monroe, La. communications company said it would use proceeds for financing acquisitions, refinancing debt or other general corporate purposes, including funding new business initiatives, capital expenditures or strategic investments.

CenturyTel said its financing plans are not yet complete and will depend on market conditions but added that it expects to sell debt or equity securities or both to finance "a substantial portion" of its pending $2.159 billion acquisition of Verizon's local phone services in Missouri and Alabama.

For 2001, CenturyTel said its earnings to fixed charge ratio was 3.40 times compared to 3.07 times for 2000.

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