Denver, April 5, 1999 ? Qwest Communications International Inc. today announced that it has entered into a $1 billion revolving credit facility with a syndicate of leading financial institutions. The line of credit, the first of its kind for Qwest, will support the continued development of Qwest's end-to-end network service offerings and global expansion. Bank of America will serve as the lead arranger with First Union, Bank of New York and Citibank serving as co-arrangers of the credit facility.
"Qwest is uniquely positioned at the convergence of voice, data and image communications and our continued success relies in our ability to quickly adapt to changes in the marketplace," said Robert S. Woodruff, executive vice president of finance and chief financial officer for Qwest. "This new line of credit gives us greater financial flexibility to support our rapid growth -- enhancing Qwest's first-to-market speed and keeping the company and its services on the leading edge of demand."
Qwest Communications International Inc. (Nasdaq: QWST) is a leader in reliable and secure broadband Internet-based data, voice and image communications for businesses and consumers. Headquartered in Denver, Qwest has more than 8,000 employees and 80 sales offices in North America, Europe and Mexico. The Qwest Macro Capacity (SM) Fiber Network, designed with the newest optical networking, will span more than 18,500 route miles in the United States when it is completed by mid-1999, and the additional 315-mile network route recently announced will be complete by the end of the year. In addition, Qwest and KPN, the Dutch telecommunications company, are forming a venture to build and operate a high-capacity European fiber optic, Internet Protocol-based network that has 2,100 miles and will span 9,100 miles when it is completed in 2001. Qwest also has nearly completed a 1,400-mile network in Mexico. For more information, please visit the Qwest web site at www.qwest.com.
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.
Qwest Media Contact