DENVER, February 16, 2001? Qwest Communications International Inc. (NYSE:Q), the broadband Internet communications company, today announced that it has received sufficient consents to amend the indentures governing its outstanding 10 7/8 percent Series B Senior Notes due 2007, 9.47 percent Series B Senior Discount Notes due 2007, and 8.29 Series B Senior Discount Notes due 2008.
The consideration to be paid for each properly delivered consent will be $25.00 per $1,000 original principal amount at maturity. The consent payment will be paid only for notes tendered on or prior to 5 p.m. (EST) today and will only be paid if notes of the applicable series are accepted for payment pursuant to the terms of the related tender offer. Holders who tendered their notes on or before 5 p.m. (EST) today were required to consent to the proposed amendments, and holders who consented to the proposed amendments prior to that time were required to tender their notes.
Qwest intends to execute supplemental indentures to the indentures governing each series of notes making the changes for which holders have delivered the requisite consents. These supplemental indentures will only become operative if notes of the applicable series are accepted for payment pursuant to the terms of the related tender offer.
The tender offers are being conducted to retire the notes because of their high coupon rates and to reduce interest cost to Qwest. The purpose of the consent solicitation is to amend, eliminate or modify certain covenants and other provisions in the applicable indenture governing the notes and enhance Qwest?s operating and financial flexibility. Complete terms of the tender offer and consent solicitation appear in tender offer documents distributed to holders on February 5, 2001.About Qwest
Qwest Communications International Inc. (NYSE: Q) is a leader in reliable, scalable and secure broadband Internet-based 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 104,000 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 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 potential fluctuations in quarterly results, volatility of Qwest's stock price, intense competition in the communications services market, changes in demand for Qwest's products and services, 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 Qwest's business and delays in Qwest's ability to provide interLATA services within its 14-state local service territory, 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 timely or at all and difficulties in combining the operations of Qwest and U S WEST. 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 to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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