Denver, May 25, 1999 - Qwest Communications International Inc. (Nasdaq: QWST), the Internet communications company, today said the KPNQwest joint venture has secured $805 million of 10-year debt in a combination of 450 million in U.S. dollars and 340 million euros, to complete construction of their fiber-optic network covering 39 key business markets in Europe.

The sale of the notes represents the largest Euro and non-dollar offering ever completed (340 million euros), and the largest high-yield bond offering by a continental European issuer.

The $450 million of 8 1/8 percent, 10-year notes sold at 99.293 to yield 8.232 percent or 275 basis points more than U.S. Treasury notes of comparable maturities. The 340 million euro ($357 million), or 7 1/8 percent notes sold at 99.261, for a yield of 7.23 percent or 325 basis points above the 10-year German bonds.

When complete in 2001, the European network will provide reliable, scalable, secure and seamless broadband and IP-based communications services to customers. The European network will also be linked to the 18,500-mile or 29,500 kilometer Qwest U.S. network, which will be completed in June

"The financial markets in Europe and the U.S. have demonstrated their confidence in the people of KPNQwest to complete the plan to build Europe's most advanced pan-European fiber-optic network. This financial support accelerates the completion of our plans," said Jack McMaster, chief executive officer of KPNQwest.

The KPNQwest venture was announced last November and finalized on April 13, 1999.

Customers for the company will include multi-national and other firms worldwide that want integrated voice, data and image communications; and communications companies that want to buy wholesale network capacity. Services will eventually include IP-based voice communications; high-speed Internet access; intranets; extranets, and Web hosting; IP-based virtual private networks and ATM (Asynchronous Transfer Mode) and IP transit services for the wholesale market.

About KPNQwest
KPNQwest is equally owned by KPN and Qwest. The new company brings together the state-of-the-art fiber-optic networks of the two partners and the Internet services expertise and customer base of EUnet International. The company has 650 employees formerly employed by KPN INS and EUnet International. The company plans to build and operate a high-capacity European fiber optic, Internet Protocol-based network that has 2,100 miles or 3,500 kilometers and will span 8,100 miles or 13,000 kilometers when it is completed in 2001. This network will interconnect with Qwest's 29,500 kilometer fiber-optic network in the U.S. KPNQwest will offer a full range of broadband and IP-based communications services.


This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Qwest with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including potential fluctuations in quarterly results, dependence on new product development, rapid technological and market change, failure to complete the network on schedule and on budget, financial risk management and future growth subject to risks, Qwest's ability to achieve Year 2000 compliance, and adverse changes in the regulatory or legislative environment. Qwest undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.

This press release is not an offer of securities for sale in the United States. Securities of KPNQwest may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities of KPNQwest to be made in the United States will be made by means of a prospectus that may be obtained from KPNQwest and that will contain detailed information about KPNQwest and management, as well as financial statements. This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Important risk factors that could cause actual results to differ from those contained in the forward-looking statements include potential fluctuations in quarterly results, dependence on new product development, rapid technological and market change, failure to complete the network on schedule and on budget, financial risk management and future growth subject to risks, KPNQwest's ability to achieve Year 2000 compliance, and adverse changes in the regulatory or legislative environment. KPNQwest undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



Contact Information
Qwest Media Contact
Tyler Gronbach
(303) 992-2155
tyler.gronbach@qwest.com
   
Outside Contacts:
Media Contact
James Doherty
+31 65 1229087,
james.doherty@eu.net