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Qwest gets total tenders for 84% of 7.9% notes, 78% of 7¼% notes
By Jennifer Chiou
New York, March 25 - Qwest Communications International Inc. said its subsidiary, Qwest Capital Funding, Inc., has wrapped its offer, obtaining total tenders for $959,678,000 of notes in the cash offer for all $1.2 billion of two outstanding debt securities.
The offer expired at 5 p.m. ET on March 24. It began on Feb. 24.
The affected securities included $402,923,000 of 7.9% notes due 2010 and $800.98 million of 7¼% notes due 2011.
The company said it obtained tenders for $338.2 million, or about 84%, of the 7.9% notes and $621.5 million, or roughly 78%, of the 7¼% notes.
The total amount is slightly elevated from the early deadline tenders of $959,468,000.
The early tenders were accepted for purchase on March 10, and the final tenders will be settled on Friday.
The consideration for each $1,000 of notes tendered and accepted is $996.25 for the 7.9% notes and $1,016.25 for the 7¼% notes. Those who tendered by 5 p.m. ET on March 9 also received an early participation payment of $30.00 per $1,000 of notes.
Interest was paid in cash up to but excluding the payment date.
Qwest Communications has guaranteed these notes.
Bank of America Merrill Lynch (toll-free, 888 292-0070, or collect, 646 855-3401) and Morgan Stanley (toll-free, 800 624-1808, or collect, 212 761-5384) were the dealer managers for the tender offer. D.F. King & Co., Inc. (800 829-6551) was the information agent.
Qwest is a Denver-based telecommunications company.
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