Source: CenturyLink Press Release

CenturyLink, Inc. (NYSE:CTL) announced the early tender results and tender offer consideration payable in connection with 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 notes.

In addition, Qwest Corporation has amended the Offer to increase (i) the maximum aggregate purchase price (including premium but excluding accrued interest) payable in connection with the Offer from $500 million to $1.075 billion and (ii) the maximum tender amount in respect of Qwest Corporation's 8.375% Notes due 2016 from $330 million aggregate principal amount to $580 million aggregate principal amount.  All other terms of the Offer, as previously announced, remain unchanged. 

As of the previously announced early tender date and time of 5:00 p.m., New York City time, on April 3, 2012, approximately $878.2 million aggregate principal amount of the Notes had been validly tendered and not validly withdrawn.  Definitive tender offer results will not be available until after the Offer expires at 12:00 midnight, New York City time, on April 17, 2012.

As explained further in the Offer to Purchase, Qwest Corporation will, subject to the terms and conditions of the Offer, accept for purchase only $580 million aggregate principal amount of the 2016 Notes and will accept for purchase Notes in accordance with the acceptance priority levels set forth in the table above.  If there are sufficient remaining funds to purchase some, but not all, of the Notes of a particular series based on the applicable acceptance priority level, the amount of Notes purchased in that series will be accepted on a pro rata basis as further described in the Offer to Purchase.  However, as a result of the above-described amendments increasing the size of the Offer, all Notes tendered as of the Early Tender Date are eligible to be purchased (assuming no additional Notes are validly tendered after the Early Tender Date).

The consummation of the Offer is conditioned upon the satisfaction or waiver of the conditions set forth in the Offer to Purchase.  Subject to applicable law, Qwest Corporation may amend, extend, waive conditions to or terminate the Offer.