MONROE, La., April 30 /PRNewswire-FirstCall/ -- CenturyTel, Inc.
(NYSE: CTL) announced today that it has completed the acquisition of Madison
River Communications Corp.
CenturyTel used the net proceeds from its recent issuances of $500 million
of 10-year 6.0% Senior Notes and $250 million of 6-year 5.5% Senior Notes
along with additional proceeds from the issuance of approximately $80 million
of commercial paper to fund this transaction. The $830 million purchase price
is subject to certain post-closing adjustments which are not expected to be
material.
With this acquisition, CenturyTel adds approximately 170,000 access lines
in new markets with attractive growth prospects in Alabama, Georgia, Illinois
and North Carolina. Madison River's high-quality network is nearly
100 percent broadband-enabled and also includes a 2,400 route-mile fiber
network that is complementary to CenturyTel's existing operations.
"We are pleased with the acquisition," said Glen F. Post, III, chairman
and chief executive officer of CenturyTel. "This transaction fits
CenturyTel's acquisition strategy and we believe it will enhance the future
growth of the company, as well as benefit our customers in these new markets."
About CenturyTel
CenturyTel (NYSE: CTL) is a leading provider of communications, high-speed
Internet and entertainment services in small-to-mid-size cities through our
broadband and fiber transport networks. Included in the S&P 500 Index,
CenturyTel delivers advanced communications with a personal touch to customers
in 25 states. Visit us at http://www.centurytel.com .
SOURCE CenturyTel, Inc.
Contact: Tony Davis of CenturyTel, Inc., +1-318-388-9525, or tony.davis@centurytel.com