Source: Otelco Press Release

Otelco Inc. (Nasdaq:OTT) (TSX:OTT.un) announced that Time Warner Cable has indicated that it will not renew its existing contract for wholesale network connections provided by Otelco. The contract in question represented approximately 11.7% of Otelco's consolidated revenue for 2011. This contract expires on December 31, 2012 and includes a transition period into 2013.

As part of its response to this development, the Board of Directors has decided to suspend dividends on the common stock portion of Otelco's Income Deposit Securities effective immediately. This dividend amounted to $0.705 per unit for 2011 and $0.17625 per unit for the first quarter of 2012. Holders of the Income Deposit Securities continue to receive quarterly interest payments on the $7.50 subordinated note which amounts to $0.975 per unit per year or $0.24375 per unit per quarter. The interest for second quarter will be paid on Monday, July 2, 2012 to holders of record at the close of business on June 15, 2012.

Source: CenturyLink Press Release

CenturyLink, Inc. (NYSE:CTL) announced the completion of the previously announced debt tender offer commenced on March 21, 2012 by its wholly-owned subsidiary, Qwest Corporation, for Qwest Corporation's two series of note, which expired at 12:00 midnight, New York City time, on April 17, 2012.

As of the Expiration Date, approximately $883.6 million aggregate principal amount of the Notes had been validly tendered and not validly withdrawn, and Qwest Corporation accepted for purchase all of these Notes in exchange for aggregate tender offer consideration of approximately $1.088 billion, including $30.4 million of accrued interest.

Qwest Corporation expects to record in the second quarter of 2012 a one-time pre-tax charge to net income of approximately $46 million related to premiums paid to tendering holders of Notes and estimated transaction costs associated with the Offer.