Savvis begins change-of-control offer for 3% convertibles due 2012

By Susanna Moon

Chicago, July 28 - Savvis, Inc. began a tender offer to repurchase its $3.1 million principal amount of outstanding 3% convertible senior notes due May 15, 2012, according to a news release by parent CenturyLink, Inc.

The company is required to offer to purchase the notes at par plus accrued interest because of the acquisition by CenturyLink on July 15.

Holders may tender their notes by 5 p.m. ET on Aug. 26. Tendered notes may be withdrawn before the expiration time.

The Bank of New York Mellon (212 815-5788) is the trustee, paying agent and conversion agent.

CenturyLink announced its plans in April to acquire Savvis in a cash and stock merger valued at $2.5 billion plus the assumption of $700 million of net debt.

Savvis is a Town & Country, Mo.-based provider of information technology services. The company is a wholly owned subsidiary of Monroe, La.-based telecommunications company CenturyLink.

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