DENVER, February 5, 2002 - Qwest Communications International Inc. (NYSE: Q) today announced it is filing with the Securities and Exchange Commission (SEC) a shelf registration statement covering debt and equity securities. Although the filing is for $2.5 billion in debt and equity securities, the company currently expects that it will issue no more than $1.25 billion in equity or equity-linked convertible securities under the registration statement. The company has not determined the form of security nor the timing for a proposed offering, which will depend on the timing of effectiveness of the registration statement and on market conditions.
"We said last week that we are committed to the health of our balance sheet and would take steps to reduce debt by $1.5 to $2 billion," said Joseph P. Nacchio, Qwest chairman and CEO. "This filing is the first step. We are still looking at other alternatives, including a combination of asset sales or sales of securities associated with assets, and will fully disclose any transactions we decide to pursue."
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
CONFERENCE CALL TODAY
Qwest will host a conference call for investors and the media today at 10:00 a.m. (EST) with Joseph P. Nacchio, Qwest chairman and CEO. The call may be heard on the Web at www.qwest.com/about/investor/meetings.
Qwest Communications International Inc. (NYSE: Q) is a leader in reliable, scalable and secure broadband data, voice and image communications for businesses and consumers. The Qwest Macro Capacity(r) Fiber Network, designed with the newest optical networking equipment for speed and efficiency, spans more than 190,000 miles globally. For more information, please visit the Qwest Web site at www.qwest.com.
This release may contain projections and other 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 Communications International Inc. (together with its affiliates, "Qwest", "we" or "us") with the Securities and Exchange Commission, 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 but not limited to: potential fluctuations in quarterly results; volatility of Qwest's stock price; intense competition in the markets in which we compete; changes in demand for our products and services; the duration and extent of the current economic downturn, including its effect on our customers and suppliers; adverse economic conditions in the markets served by us or by companies in which we have substantial investments; dependence on new product development and acceleration of the deployment of advanced new services, such as broadband data, wireless and video services, which could require substantial expenditure of financial and other resources in excess of contemplated levels; higher than anticipated employee levels, capital expenditures and operating expenses; rapid and significant changes in technology and markets; adverse changes in the regulatory or legislative environment affecting our business, delays in our ability to provide interLATA services within our 14-state local service area; failure to maintain rights-of-way; and failure to achieve the projected synergies and financial results expected to result from the acquisition of U S WEST, and difficulties in combining the operations of the combined company. This release may include analysts' estimates and other information prepared by third parties for which we assume no responsibility. We undertake 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.
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