Qwest on Tuesday sold $810.5 million in debt securities — far more than it first planned — and said first-quarter revenues may be lower than analysts’ estimates.
Qwest earlier Tuesday had said it was offering $300 million in notes to fund general corporate expenses and to repay existing indebtedness.
But officials said demand for the securities was greater than expected.
“We’re very pleased with the strong demand and success of this offer,” said Joseph Euteneuer, Qwest’s executive vice president and chief financial officer.
The seven-year notes carry an interest rate of 8.375 percent.
Qwest said it expects first-quarter revenues to be “modestly lower” than consensus analyst estimates when it reports earnings April 29. Analysts have estimated $3.25 billion in sales.
Qwest has reported nine consecutive quarters of declining revenue as traditional land-line phone business continues to fall.
