US triple-play operator CenturyLink is tapping the debt market to raise US$1bn.
The proceeds will be used to pay off debt under its US$2bn revolving credit facility and to repay senior notes maturing in April.
The new 5.625% notes priced at par and are…
US triple-play operator CenturyLink is tapping the debt market to raise US$1bn.
The proceeds will be used to pay off debt under its US$2bn revolving credit facility and to repay senior notes maturing in April.
The new 5.625% notes priced at par and are due in 2020.
CenturyLink has US$820m outstanding under its RCF, according to its annual report. The senior notes due at the start of next month are its 5.5% notes launched in 2007. The original issue was for US$250m, but now the series only has €176m outstanding that needs to be refinanced.
JP Morgan and Barclays Capital are joint bookrunners on the offering.
Last week Moody’s downgraded CenturyLink from Baa1 to Baa2.
CenturyLink has US$19.2bn in long-term debt according to its full-year results for 2012.
