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Entries in Tender Offer (20)

Thursday
Apr192012
DateThursday, April 19, 2012 at 10:09AM

CenturyLink Announces Completion of Debt Tender Offer for Qwest Notes

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Date, approximately $883.6 million aggregate principal amount of the Notes had been validly tendered and not validly withdrawn, and Qwest Corporation accepted for purchase all of these Notes in exchange for aggregate tender offer consideration of approximately $1.088 billion,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

AuthorDeborah Rand | Comments Off | | | Print ArticlePrint Article
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Wednesday
Apr042012
DateWednesday, April 4, 2012 at 8:26AM

CenturyLink Announces Initial Results and Upsizing of Qwest Tender Offer

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3, 2012, approximately $878.2 million aggregate principal amount of the Notes had been validly tendered and not validly withdrawn.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.

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Monday
Apr022012
DateMonday, April 2, 2012 at 10:04AM

CenturyLink Announces Completion of Debt Tender Offer for Embarq Notes

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.

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Monday
Mar192012
DateMonday, March 19, 2012 at 10:01AM

CenturyLink Announces Initial Results and Pricing of Debt Tender Offer

Source: CenturyLink Press Release

CenturyLink, Inc. (NYSE:CTL) announced the early tender results and tender offer consideration to be paid in connection with the previously announced debt tender offer by its wholly-owned subsidiary, Embarq Corporation, for Embarq's two series of notes for an aggregate purchase price (including premium and accrued interest) of up to $2.05 billion, subject to a maximum tender amount in respect of Embarq's 7.082% Notes due 2016 of $1.3 billion. 

As of the previously announced early tender date and time of 5:00 p.m., New York City time, on March 16, 2012, approximately $1.14 billion 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 March 30, 2012.

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Monday
Mar052012
DateMonday, March 5, 2012 at 10:10AM

CenturyLink Commences Debt Tender Offer and Concurrent Debt Offering

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.

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