Exhibit 99.1 Press release of the Registrant dated November 20, 1998.
Qwest Announces $300 Million Senior Notes Offering
DENVER--(BUSINESS WIRE)--Nov. 20, 1998--Qwest Communications International Inc.
(Nasdaq: QWST - news) today announced that it has agreed to sell $300 million
aggregate principal amount of 7.25 percent ten year Senior Notes due November 1,
2008. Gross proceeds from the sale of the notes will total approximately $297.8
million. The offering is expected to close on November 27, 1998.
Proceeds of the notes sale will be used to fund the continued expansion of
Qwest's domestic network, the continued development of the company's
comprehensive data initiatives, market share initiatives in traditional
telecommunications segments, and for general corporate purposes.
"Qwest continues to make significant gains in all aspects of the communications
market place and we have decided to secure additional capital, allowing us to
invest in significant growth opportunities," said Robert Woodruff, executive
vice president and chief financial officer, Qwest Communications.
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.
About Qwest
Qwest Communications International Inc. (NASDAQ: QWST - news) 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
Information Regarding Forward-looking Statements
This press release contains or refers to forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that include, among
others, (1) statements by Qwest concerning the benefits expected to result from
certain business activities and transactions, including, without limitation,
synergies in the form of increased revenues, decreased expenses and avoided
expenses and expenditures that are expected to be realized by the Company after
the closing of such transactions, (2) the Company's plans to complete the Qwest
Network, an approximately 18,450 route-mile, coast-to-coast, technologically
advanced fiber optic communications network, and (3) other statements by the
Company of expectations, beliefs, future plans and strategies, anticipated
developments and other matters that are not historical facts. The Company
cautions the reader that these forward-looking statements are subject to risks
and uncertainties, including financial, regulatory environment, and trend
projections, that could cause actual events or results to differ materially from
those expressed or implied by the statements. Such risks and uncertainties
include those risks, uncertainties and risk factors identified, among other
places, in documents filed with the Securities and Exchange Commission. The most
important factors that could prevent the Company from achieving its stated goals
include, but are not limited to: (a) failure by the Company to construct the
Qwest Network on schedule and on budget, (b) operating and financial risks
related to managing rapid growth, integrating acquired businesses and
maintaining sufficient cash flow to meet its debt service requirements, make
capital expenditures and fund operations, (c) intense competition in the
Company's Communications Services market, (d) the Company's ability to achieve
year 2000 compliance, (e) rapid and significant changes in technology and
markets, and (f) adverse changes in the regulatory or legislative environment
affecting the Company. These cautionary statements should be considered in
connection with any subsequent written or oral forward-looking statements that
may be issued by the Company or persons acting on its behalf. The Company
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.
Contact:
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