Key terms of the amended facility are as follows: -- Effective upon CenturyTel-EMBARQ merger close -- $800 million unsecured revolving credit facility -- Borrowing cost equal to LIBOR plus 300 basis points at current credit ratings -- Matures May 10, 2011 (consistent with the existing EMBARQ credit facility) -- Lender group comprised of 23 domestic and international banks
For more information on the amendment, please see the Current Report on Form 8-K filed today by EMBARQ, which is available at http://www.sec.gov.
In connection with the execution of the merger agreement among EMBARQ,
CenturyTel and a wholly owned subsidiary of CenturyTel, CenturyTel entered
into a financing commitment letter that provided for an
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.
About EMBARQ
Embarq Corporation (NYSE: EQ), headquartered in
For consumers, EMBARQ offers an innovative portfolio of services that includes reliable local and long distance home phone service, high-speed Internet, wireless, and satellite TV from DISH Network(R) - all on one monthly bill.
For businesses, EMBARQ has a comprehensive range of flexible and integrated services designed to help businesses of all sizes be more productive and communicate with their customers. This service portfolio includes local voice and data services, long distance, Business Class High Speed Internet, wireless, satellite TV from DIRECTV(R), enhanced data network services, voice and data communication equipment and managed network services.
For more information, visit embarq.com.
Forward Looking Statements
Except for the historical and factual information contained herein, the matters set forth in this document, including statements as to the expected benefits of the acquisition or amended credit facility, and other statements identified by words such as "estimates," "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including changes in the credit markets or CenturyTel's capital requirements, receipt of required approvals by CenturyTel and EMBARQ stockholders and regulatory agencies, the possibility that the anticipated benefits from the acquisition cannot be fully realized or may take longer to realize than expected, the possibility that costs or difficulties related to the integration of EMBARQ operations into CenturyTel will be greater than expected, the ability of the combined company to retain and hire key personnel, the impact of regulatory, competitive and technological changes and other risk factors relating to our industry as detailed from time to time in each of CenturyTel's and EMBARQ's reports filed with the Securities and Exchange Commission (SEC). There can be no assurance regarding the timing or the consummation of the merger or that the proposed credit facility amendment will take effect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this document. Unless legally required, CenturyTel and EMBARQ undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
In connection with the proposed merger, CenturyTel has filed, and the
Securities and Exchange Commission (SEC) has declared effective, a
Registration Statement on Form S-4 that includes a joint proxy statement of
CenturyTel and EMBARQ that also constitutes a prospectus of CenturyTel.
CenturyTel and EMBARQ began mailing the definitive joint proxy
statement/prospectus to their respective shareholders on
The respective directors and executive officers of CenturyTel and EMBARQ
and other persons may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. Information regarding
CenturyTel's directors and executive officers is available in its proxy
statement filed with the SEC by CenturyTel on
SOURCE Embarq Corporation