Exhibit 99.1
CenturyLink Announces Proposed Private Offering of Senior Notes
MONROE, La., December 9 2019—CenturyLink, Inc. (NYSE: CTL) (the “Company” or “CenturyLink”) announced that it plans to offer $750 million aggregate principal amount of fixed-rate seven-year unsecured senior notes (the “Notes”) in a proposed private offering that will not be registered under the Securities Act of 1933, as amended (the “Securities Act”).
CenturyLink plans to use the net proceeds from the offering, together with cash on hand, to redeem all $850 million aggregate principal amount of outstanding 6.875% Senior Notes due 2033 (the “2033 Notes”) issued by its wholly owned subsidiary, Qwest Corporation. This press release does not constitute a notice of redemption with respect to the 2033 Notes.
The Notes will not be registered under the Securities Act or any state securities laws in the United States and may not be offered or sold in the United States absent registration or an exemption from the applicable registration requirements. Accordingly, the Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A promulgated under the Securities Act and tonon-U.S. persons outside the United States in accordance with Regulation S promulgated under the Securities Act. The Notes will not have registration rights. This announcement will not constitute an offer to sell, or a solicitation of an offer to buy any securities, nor will there be any sale of the Notes, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About CenturyLink
CenturyLink (NYSE: CTL) is a technology leader delivering hybrid networking, cloud connectivity, and security solutions to customers around the world. Through its extensive global fiber network, CenturyLink provides secure and reliable services to meet the growing digital demands of businesses and consumers. CenturyLink strives to be the trusted connection to the networked world and is focused on delivering technology that enhances the customer experience.
Forward Looking Statements
Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” and similar expressions are forward-looking statements. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the possibility that potential debt investors will not be receptive to the offering on the terms described above or at all; corporate developments that could preclude, impair or delay the above-described transactions due to restrictions under the federal securities laws; changes in CenturyLink’s credit ratings; changes in CenturyLink’s cash requirements, financial position, financing plans or
