CenturyLink Prices $750 Million of Debt Securities

              CenturyLink Prices $750 Million of Debt Securities

PR Newswire

MONROE, La., Nov. 14, 2013

MONROE, La., Nov. 14, 2013 /PRNewswire/ -- CenturyLink, Inc. (NYSE: CTL)
announced today that it agreed to sell $750 million of newly-issued unsecured
ten-year senior notes. The senior notes due 2023 were priced at par with a
coupon rate of 6.75%. The closing of this offering is expected to occur on
November 27, 2013.

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CenturyLink expects to use the net proceeds from this offering, together with
available cash or borrowings under its revolving credit facility, to provide
the total amount of funds required to:

  orepurchase all $800 million aggregate principal amount of the 7.125% Notes
    due 2018 (the "2018 Notes") of CenturyLink's wholly-owned subsidiary,
    Qwest Communications International Inc. ("Qwest Communications"), pursuant
    to either Qwest Communications' tender offer announced earlier today or
    Qwest Communications' proposed subsequent redemption of any of its 2018
    Notes not purchased pursuant to the tender offer; and
  opay accrued interest payable on the 2018 Notes purchased under these
    transactions and all related fees and expenses.

Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the
joint book-running managers for this offering. The senior notes are being
offered pursuant to CenturyLink's existing shelf registration statement.
CenturyLink intends to file with the Securities and Exchange Commission a
definitive prospectus supplement and accompanying prospectus describing the
terms of this offering. When available, copies of the definitive prospectus
supplement and accompanying prospectus for this offering may be obtained by
calling Wells Fargo Securities, LLC at (800) 326-5897 (US toll-free) and (704)
410-4818 (collect), Morgan Stanley & Co. LLC at (800) 624-1808 (US toll-free)
and (212) 761-1057 (collect) and RBC Capital Markets, LLC at (877) 280-1299
(US toll-free) and (212) 618-2205 (collect), and by writing BofA Merrill Lynch
at 222 Broadway, New York, NY 10038, Attention: Prospectus Department, or
emailing BofA Merrill Lynch at dg.prospectus_requests@baml.com.

This press release is neither an offer to sell nor a solicitation of an offer
to buy any securities, and this offering will not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation or
sale would be unlawful.

About CenturyLink

CenturyLink is the third largest telecommunications company in the United
States and is recognized as a leader in the network services market by
technology industry analyst firms. The company is a global leader in cloud
infrastructure and hosted IT solutions for enterprise customers. CenturyLink
provides data, voice and managed services in local, national and select
international markets through its high-quality advanced fiber optic network
and multiple data centers for businesses and consumers. The company also
offers advanced entertainment services under the CenturyLink® Prism™ TV and
DIRECTV brands. Headquartered in Monroe, La., CenturyLink is an S&P 500
company and is included among the Fortune 500 list of America's largest
corporations. For more information, visit www.centurylink.com. 

Forward Looking Statements

This press release includes certain forward-looking statements, estimates and
projections that are based on current expectations only, and are subject to a
number of risks, uncertainties and assumptions, many of which are beyond the
control of CenturyLink and Qwest Communications. Actual events and results may
differ materially from those anticipated, estimated or projected 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 Qwest Communications' existing noteholders
will not be receptive to the pending tender offer on the terms described above
or at all; CenturyLink's failure to satisfy the conditions to the
underwriters' obligation to consummate the offering; the possibility that
corporate developments could preclude, impair or delay the above-described
transactions due to restrictions under the federal securities laws; changes in
the terms or availability of CenturyLink's credit facility; changes in
CenturyLink's credit ratings; changes in CenturyLink's cash requirements,
financial position, financing plans or investment plans; changes in general
market, economic, tax, regulatory or industry conditions that impact the
ability or willingness of CenturyLink or Qwest Communications to consummate
the above-described transactions on the terms described above or at all;
CenturyLink's continued access to credit markets on favorable terms; and other
risks referenced from time to time in CenturyLink's and Qwest Communications'
filings with the Securities and Exchange Commission. There can be no
assurances that the above-described transactions will be consummated on the
terms described above or at all. You should be aware that new factors may
emerge from time to time and it is not possible for CenturyLink to identify
all such factors, nor can CenturyLink predict the impact of each such factor
on its plans, or the extent to which any one or more factors may cause actual
results to differ from those reflected in any forward-looking statements. You
are further cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Neither
CenturyLink nor Qwest Communications undertake any obligation to update any of
its forward-looking statements for any reason.

SOURCE CenturyLink, Inc.

Website: http://www.centurylink.com
Contact: Kristina Waugh, 318.340.5627, kristina.r.waugh@centurylink.com
 
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