Qwest Communications International Inc. and Qwest Capital Funding, Inc. Announce Early Participation Results of Cash Tender Offer

DENVER, March 10, 2010 Qwest Communications International Inc. (NYSE:Q) and its Qwest Capital Funding, Inc. (QCF) subsidiary announced today that a total of $959.5 million in aggregate principal amount of QCF's 7.9 percent Notes due 2010 and 7.25 percent Notes due 2011 (individually and collectively, the “Notes”) were tendered prior to 5 p.m. EST, on Tuesday, March 9, 2010 (the “Early Participation Payment Deadline”), and all of such Notes have been accepted for purchase. Since commencement of the tender offer on Feb. 24, 2010, through the Early Participation Payment Deadline, QCF received tenders of Notes as follows:

  • Approximately $338.0 million of the 7.9 percent Notes, representing approximately 84 percent of the outstanding principal amount of such Notes; and 
  • Approximately $621.5 million of the 7.25 percent Notes, representoutstanding principal amount of such Notes.

Holders who validly tendered (and did not validly withdraw) their Notes at or prior to the Early Participation Payment Deadline are expected to receive payment on March 10, 2010, the initial payment date.    


The offer is scheduled to expire at 5 p.m. EDT, on Wednesday, March 24, 2010, unless extended or earlier terminated (the “Expiration Time”).  Holders who validly tender their Notes after the Early Participation Payment Deadline but at or prior to the Expiration Time and whose Notes are accepted for purchase will receive payment on the final payment date, which is expected to be March 25, 2010.  Holders who validly tender their Notes after the Early Participation Payment Deadline will not receive the early participation payment of $30.00 per $1,000.00 principal amount of Notes.


The complete terms and conditions of the offer are set forth in an Offer to Purchase and related Letter of Transmittal that were sent to holders of Notes. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Information Agent for the offer, D.F. King & Co., Inc., at (800) 829-6551 (US toll-free) or qwest@dfking.com (email).


BofA Merrill Lynch and Morgan Stanley are the Dealer Managers for the tender offer. Questions regarding the offer may be directed to BofA Merrill Lynch at (888) 292-0070 (toll-free) and (646) 855-3401 (collect) or Morgan Stanley at (800) 624-1808 (US toll-free) and (212) 761-5384 (collect).


This press release does not constitute an offer to sell, or the solicitation of an offer to purchase, securities. The tender offer is being made solely by the Offer to Purchase dated Feb. 24, 2010 and the related Letter of Transmittal.

About Qwest

Customers coast-to-coast turn to Qwest's industry-leading national fiber-optic network and world-class customer service to meet their communications and entertainment needs. For residential customers, Qwest offers a new generation of fiber-optic-fast Internet service, high-speed Internet solutions, as well as digital home phone, wireless service available through Verizon Wireless and DIRECTV services.  Qwest is also the choice of 95 percent of Fortune 500 companies, offering a full suite of network, data and voice services for small businesses, large businesses, government agencies and wholesale customers. Additionally, Qwest participates in Networx, the largest communications services contract in the world, and is recognized as a leader in the network services market by leading technology industry analyst firms.





Forward-Looking Statement Note




The information contained in this release is a statement of Qwest’s present intention, belief or expectation and is based upon, among other things, the existing regulatory environment, industry conditions, market conditions and prices, the economy in general and Qwest’s assumptions. Qwest may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in Qwest’s assumptions or otherwise. The cautionary statements contained or referred to in this release should be considered in connection with any subsequent written or oral forward-looking statements that Qwest or persons acting on its behalf may issue. This release may include analysts’ estimates and other information prepared by third parties for which Qwest assumes no responsibility.


Qwest undertakes no obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements and other statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


By including any information in this release, Qwest does not necessarily acknowledge that disclosure of such information is required by applicable law or that the information is material.<: 0in 0in 0pt"> 

The marks that comprise the Qwest logo are registered trademarks of Qwest Communications International Inc. in the U.S. and certain other countries.

Contact Information:


Media Contact
Diane Reberger



Investor Contact
Rahn Porter


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