Qwest makes tender offer to pay cash for $1.27B in notes due 2025
By APTuesday, July 13, 2010
Qwest makes tender offer for $1.27B in notes
DENVER — Qwest Communications International Inc. said Tuesday that it made a cash tender offer for its $1.27 billion outstanding 3.5 percent convertible senior notes due in 2025.
The telecommunications company said that for every $1,000 of convertible notes that are validly tendered it will pay a multiple of a volume-weighted average trading price of its stock during between July 14 and Aug. 10, plus $30. The company said it won’t pay less than $1,000 or more than $1,170 for each $1,000 worth of the notes.
The offer is scheduled to expire at 5 p.m. EDT on Aug. 12.
Qwest also said Tuesday that it will hold a special shareholder meeting on Aug. 24 where shareholders of record as of July 13 will vote on CenturyTel Inc.’s offer to buy Qwest in a stock deal initially valued at more than $10 billion. The meeting will be held at the Denver Marriott City Center.
Qwest shares rose 10 cents to $5.55 in midday trading Tuesday.
