MONROE, La.--(BUSINESS WIRE)--Feb. 9, 2005--CenturyTel, Inc.
(NYSE:CTL) announced today that it has agreed to publicly sell $350
million of 5% Senior Notes, Series M, due 2015. Banc of America
Securities LLC, J.P. Morgan Securities Inc. and Lehman Brothers Inc.
are serving as joint book-running managers in the offering.
CenturyTel
intends to use the net proceeds from the notes
offering, together with cash on hand, to finance its proposed purchase
of $400 million of its $500 million of Senior Notes, Series J, due
2007, approximately $460 million of which are expected to be
remarketed on February 10, 2005, as required under the terms of
CenturyTel's
outstanding equity units sold in May 2002. The Company
expects to announce tomorrow the results of the Series J Note
remarketing.
Upon closing of the offering and the remarketing on the terms
proposed, CenturyTel's
total indebtedness is expected to decrease by
$50 million. The offering is scheduled to close on February 14, 2005.
CenturyTel's
long-term debt is rated BBB+ (stable outlook) by
Standard & Poor's, Baa2 (stable outlook) by Moody's Investor Services
and BBB+ (negative outlook) by Fitch Ratings.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be any
sale of the securities described herein in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful. Offers
and sales of these debt securities may be made only by means of the
CenturyTel's
prospectus supplement and accompanying prospectus, which
may be obtained when available from Banc of America
Securities LLC,
NC1-027-15-01, 214 North Tryon Street, Charlotte, NC 28255, Attn:
Liability Management, (704)-387-1004; J.P. Morgan Securities Inc., 270
Park Avenue, New York, NY 10017, Attn: Investment Grade Syndicate
Desk, (212)-834-4533 and Lehman Brothers Inc.
, 745 Seventh Avenue, New
York, NY 10019, Attn: Investment Grade Syndicate Desk (212)-526-9664.
This press release includes certain forward-looking statements.
Actual results may differ materially from those in the forward-looking
statements. Factors that could affect actual results include but are
not limited to the possibility of unforeseen near-term cash
requirements or changes in interest rates or general market
conditions. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release.
CenturyTel, Inc.
(NYSE: CTL) provides a full range of local, long
distance, Internet and broadband services to consumers in 22 states.
Included in the S&P 500 Index, CenturyTel
is a leading provider of
integrated communications services to rural areas and smaller cities
in the United States. Visit CenturyTel
at www.centurytel.com.
CONTACT: CenturyTel Inc.
, Monroe
Media: Patricia Cameron, 318-388-9674
patricia.cameron@centurytel.com
or
Investors: Tony Davis, 318-388-9525
tony.davis@centurytel.com
SOURCE: CenturyTel, Inc.