Exhibit 99.2 Press release of the Registrant dated October 27, 1998.
FOR IMMEDIATE RELEASE Contacts: Media Contact: Investor Contact:
Qwest Communications Qwest Communications
Christy Weiner Lee Wolfe
(303) 992-2085 (877) 877-QWST
christine.weiner@qwest.net IR@qwest.net
QWEST ANNOUNCES $750 MILLION SENIOR NOTES OFFERING
DENVER, October 27, 1998 - Qwest Communications International Inc. (Nasdaq:
QWST) today announced that it has agreed to sell $750 million aggregate
principal amount of 7.5 percent ten year Senior Notes due 2008. Gross proceeds
from the sales of the notes will total approximately $741 million. The offering
is expected to close on November 4, 1998.
Proceeds of the notes sale will be used primarily to fund the continued
deployment of Qwest's Macro CapacitySM Fiber Network, market share initiatives
in traditional telecommunications segments, and the expansion of Qwest's data
strategy. This strategy includes the Company's deployment of its IP backbone and
product development initiatives including the establishment of web hosting
CyberCenters and the development of e-commerce solutions. Additionally, the
proceeds will be used to expand unique distribution channels.
"We are experiencing strong growth across all aspects of our business and we are
delighted with the market's continued positive perception of Qwest," said Robert
Woodruff, executive vice president and chief financial officer, Qwest
Communications. "With this debt issue, we've taken advantage of the improvement
in the capital markets, helping us to secure valuable investment capability.
Resources from this transaction will allow us to continue our rapid growth
across all aspects of the business."
The notes to be sold have not been registered under the Securities Act of 1933
and may not be offered or sold in the U.S. absent registration or an applicable
exemption from registration requirements.
The Qwest Macro Capacity Fiber Network
Qwest's planned domestic 18,449-mile network will serve over 130 cities, which
represent approximately 80 percent of the data and voice traffic originating in
the United States, upon its scheduled completion in the second quarter of 1999.
To date, approximately 9,100 miles of the Qwest Macro Capacity Fiber Network are
activated, and construction has commenced on 17,955 miles. Qwest's
transcontinental segment extends from Los Angeles to Sacramento and across to
New York. Additionally, Qwest owns transatlantic submarine capacity linking the
United States to Europe and will jointly own a transpacific submarine cable
system connecting the U.S. to the Pacific Rim. Qwest is also extending its
network 1,400 miles into Mexico with completion slated for late 1998.
The Qwest Macro Capacity Fiber Network is designed with highly reliable and
secure bi-directional, line switching OC-192 SONET ring architecture. Upon
completion, the network will offer a self-healing system that provides the
ultimate security and reliability by allowing instantaneous rerouting in the
event of a fiber cut.
About Qwest
Qwest Communications International Inc. (NASDAQ: QWST) is a multimedia
communications company and one of the fastest growing companies in America
today. Headquartered in Denver, Colorado, Qwest has approximately 6,000
employees and over 80 sales offices worldwide. With its world-class data and
multimedia network, marketing expertise, and customer care and billing systems,
Qwest is delivering high-quality data, video and voice connectivity securely and
reliably to customers around the world. Further information is available at
www.qwest.net.
# # #
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,
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, (a) failure by Qwest to construct the Qwest Network on schedule and
on budget, (b) failure by Qwest to maintain all necessary rights-of-way, (c)
intense competition in Qwest's communications services markets, (d) rapid and
significant changes in technology and markets, (e) dependence on new product
development, (f) operating and financial risks related to managing rapid growth,
integrating acquired businesses, being highly leveraged and sustaining operating
cash deficits and (g) adverse changes in the regulatory environment. These
cautionary statements should be considered in connection with any subsequent
written or oral forward-looking statements that may be issued by Qwest or
persons acting on its behalf. 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.