DENVER -- Qwest Communications International Inc. (Nasdaq: QWST)
today announced that it has agreed to sell $556 million aggregate principal amount at maturity of its 9.47 percent five year deferred pay Senior Discount Notes due 2007. Gross proceeds from the sales of the notes will total $350 million. The offering is expected to close on October 15, 1997.
Proceeds of the notes sale will be used primarily to fund capital expenditures for continuing construction and activation of Qwest's approximately 16,000 mile Macro CapacitySM Fiber Network, including the recently announced 3,000 mile expansion in the United States. In addition a portion may be used to fund further growth in the business.
"We're delighted with the market's continued positive perception of Qwest," said Robert Woodruff, executive vice president of Finance and CFO of Qwest. "With this debt issue, we've taken advantage of the current excellent market conditions which helped us secure very attractive rates. Resources obtained from this transaction will allow us to build out the rest of our high-speed network and continue our rapid growth."
The notes to be sold have not been registered under the Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements.
About Qwest Qwest Communications International, Inc. (Nasdaq: QWST), is a multimedia communications company building a high-capacity, fiber optic network for the 21st century. Qwest's planned domestic network will connect 125 cities, which represent approximately 80 percent of the data and voice traffic originating in the United States, upon its completion in the second quarter of 1999. Qwest is also extending its network 1,400 miles into Mexico with completion slated for late third quarter 1998. With its cutting-edge technology, Qwest will deliver high-quality voice, data and video connectivity securely and reliably to businesses, consumers and other communications service providers.
|Qwest Media Contact