News Releases

News Releases
Qwest Corporation Places $600 Million In Notes

DENVER, August 3, 2006 - Qwest Communications International Inc. (QCII) (NYSE: Q) announced today that its Qwest Corporation (QC) subsidiary has concluded an offering of $600 million aggregate principal amount of debt securities due October 1, 2014, which was upsized from the previously announced amount of $500 million. The notes bear an interest rate of 7.5 percent per annum, payable semi-annually on October 1 and April 1, commencing on April 1, 2007.

"We're pleased with the strong demand and success of this offer," said Oren G. Shaffer, Qwest vice chairman and CFO. "This transaction further strengthens our financial position by reducing interest expense and extending maturities."

The eight-year notes were priced at par. The net proceeds of the offering will be used for general corporate purposes, including repayment of QC's indebtedness, and funding and refinancing investments in the company's telecommunications assets.

Today, QC called the remaining $500 million of its floating rate Term Loan at QC maturing in June 2007, which will be paid upon closing of this offering. In addition, QCII reiterated its intention to pay off a maturity of $485 million on August 15, 2006, at its Qwest Capital Funding subsidiary with QCII'S cash on hand.

The sale of the notes is expected to close on August 8, 2006.

Deutsche Bank Securities, Credit Suisse and Merrill Lynch & Co. were joint book-runners for the offering, which was made in a private placement transaction pursuant to Rule 144A under the Securities Act of 1933, as amended. JPMorgan, Lehman Brothers and Wachovia Securities were co-managers. The notes have not been registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Qwest
Qwest offers a unique and powerful combination of voice and data solutions for businesses, government agencies and consumers - locally and throughout the country. Customers coast to coast are turning to Qwest's industry-leading national fiber optic network and its Spirit of Service for quality products and superior customer experience. For more information on Qwest, and its various operating subsidiaries, please go to

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