Source: CenturyLink Press Release

CenturyLink, Inc. (NYSE: CTL) announced the completion of the previously announced debt tender offer commenced on March 5, 2012 by its wholly-owned subsidiary, Embarq Corporation, for Embarq's two series of notes, which expired at 12:00 midnight, New York City time, on March 30, 2012.

As of the Expiration Date, approximately $1.14 billion aggregate principal amount of the Notes had been validly tendered and not validly withdrawn, and as of today Embarq accepted for purchase all of these Notes in exchange for aggregate tender offer consideration of approximately $1.30 billion, including accrued interest.

CenturyLink expects to record in the first quarter of 2012 a one-time pre-tax charge to net income between $141 million to $144 million related to premiums paid to tendering holders of Notes and estimated transaction costs associated with the Offer.

Source: T-Mobile Press Release

T-Mobile USA, Inc. announced it will consolidate its call center operations from 24 to 17 facilities by the end of June. Call centers scheduled for closure are located in: Allentown, Pennsylvania; Fort Lauderdale, Florida; Frisco, Texas; Brownsville, Texas; Lenexa, Kansas; Thornton, Colorado and Redmond, Oregon.  

This consolidation effort will result in 1,900 net job reductions. T-Mobile employs approximately 3,300 people at the seven affected facilities. However, the company will begin hiring immediately at the remaining 17 call centers and expects to fill as many as 1,400 positions to continue to meet customer needs. T-Mobile is inviting employees from the seven call centers, planned for closure, to transfer to another facility.  Employees who transfer will be offered relocation assistance. 

Affected call centers will remain open for three months following today's announcement and employees will continue to work during this time. Those employees who choose not to transfer to a remaining center, and are employed on the date the center closes, will be offered transition packages including severance pay and outplacement support. T-Mobile is establishing on-site career centers at all seven facilities to provide employees with a personal career coach and access to job search training, tools and technologies.  T-Mobile will pay for two months of continued health care coverage for eligible employees who elect COBRA benefits. 

Additionally, T-Mobile will restructure and optimize operations in other parts of the business, which will take place by the end of second quarter of 2012.  Efficiencies resulting from these changes will fuel investments that further strengthen T-Mobile’s competitiveness in the marketplace. Some of these strategic investments - announced in February as part of T-Mobile’s reinvigorated Challenger strategy - include: a $4 billion modernization of its network and the planned launch of Long Term Evolution (LTE) technology in 2013, plans to revitalize the T-Mobile brand, and an investment in 1,000 new business sales positions. 

Source: CenturyLink Press Release

CenturyLink (NYSE:CTL) announced that it will seek to extend the average maturity and reduce the average weighted interest rate of its consolidated debt through the combination of a debt tender offer by its wholly-owned subsidiary, Embarq Corporation, and a concurrent public offering of CenturyLink's senior debt securities.

Embarq has commenced a debt tender offer for its two series of notes for an aggregate purchase price of up to $1.25 billion.

CenturyLink expects to record a charge to net income in the first quarter of 2012 relating to the premiums that it expects to pay to tendering holders of Notes and estimated costs associated with the Offer, which charge may be material.

Concurrently with the Offer, CenturyLink announced that it expects, subject to market conditions, to sell fixed-rate senior notes with 10 and 30 year maturities. The actual maturities of the senior notes, if any, sold by CenturyLink in connection with the Debt Offering will depend on market conditions.  CenturyLink has not yet entered into a definitive agreement with respect to the Debt Offering, and no assurance can be given that such offering will be completed. CenturyLink expects to use the net proceeds from the Debt Offering, together with available cash and additional borrowings under its revolving credit facility, to provide the total amount of funds required to complete the Offer, including the payment of accrued interest on the Notes purchased thereunder, and to pay all related fees and expenses. The Debt Offering is not conditioned upon the consummation of the Offer.