Qwest Cancels Sale of Securities
Qwest Communications International Inc., the biggest local-telephone company in 14 Western U.S. states, canceled a plan to sell as much as $1.25 billion in securities to lower debt. The company, after eight straight quarterly losses, must pare $26.4 billion in junk-rated debt by year’s end to avoid breaching bank-loan terms, analysts have said.
The equity offer was scuttled because Qwest stock has fallen by more than half since the plan was announced in February, and it would have increased the number of shares outstanding, an analyst said.
Shares of Denver-based Qwest fell 12 cents to $4.15 on the NYSE. They have dropped 71% this year.
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