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Qwest sells $800m notes
08 January 2010
US operator Qwest is to raise $800 million through a note sale, for general corporate purposes and refinance of investments
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Qwest
Deutsche Bank
Bank of America
Barclays
Citigroup
Goldman Sachs
JPMorgan
Morgan Stanley
Wells Fargo
Qwest Communications International has raised $800 million through a note sale. The senior notes were sold in the 144a private placement market. The initially planned size of the deal was $500 million. The notes, maturing on April 1 2018, will offer a coupon rate of 7.125%.
The notes were sold at a spread of 378 basis points, to yield 7.375%. The interest rate on the notes will be payable semi-annually on April 1 and October 1, with the first interest payment date on October 1 2010.
The company will use the net proceeds of the offering, which is expected to close on January 12 2010, for general corporate purposes, including repayment of indebtedness, funding and refinancing investments in its telecommunications assets.
The joint bookrunning managers on the sale were Deutsche Bank, Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo. GTB