Long-Term Debt and Credit Facilities

3 Months Ended

Mar. 31, 2012

Long-Term Debt and Credit Facilities

Long-Term Debt and Credit Facilities

(4)   Long-Term Debt and Credit Facilities

        Long-term debt, including unamortized discounts and premiums, is as follows:

	Interest Rates	Maturities		March 31, 2012			December 31, 2011
				(Dollars in millions)
CenturyLink, Inc.
Senior notes	5.000% - 7.875%		2012 - 2042	$	6,568			4,518
Credit facility(1)	2.550% - 4.500%		2017		—			277
Subsidiaries
Qwest
Senior notes and debentures	6.875% - 8.000%		2014 - 2043		5,032			5,832
Other notes(2)	6.500% - 8.375%		2013 - 2051		5,628			5,628
Embarq Corporation
Senior notes	6.738% - 7.995%		2013 - 2036		4,013			4,013
First mortgage bonds	6.875% - 8.770%		2013 - 2025		322			322
Other	6.750% - 9.000%		2013 - 2019		200			200
Other subsidiary notes
First mortgage notes	2.000% - 10.000%		2012 - 2018		62			65
Capital lease and other obligations	Various		Various		811			712
Unamortized premiums and other, net					231			269
Total long-term debt					22,867			21,836
Less current maturities					(2,200	)		(480	)
Long-term debt, excluding current maturities				$	20,667			21,356

(1)

The information presented here illustrates the interest rate and maturity on our credit facility as amended on April 6, 2012. For more information on our amended credit facility, see Note 12—Subsequent Events.

(2)

The $750 million of Qwest Corporation Notes due 2013 are floating rate notes, which rate is re-measured every three months. As of the most recent measurement date of March 15, 2012, the rate for these notes was 3.724%, which is not included in the range of rates stated above.

New Issuances

        On March 12, 2012, CenturyLink, Inc. issued $650 million aggregate principal amount of 7.65% Senior Notes due 2042 in exchange for net proceeds, after deducting underwriting discounts, of approximately $644 million. The notes are unsecured obligations and may be redeemed at any time.

        On March 12, 2012, CenturyLink, Inc. issued $1.4 billion aggregate principal amount of 5.80% Senior Notes due 2022 in exchange for net proceeds, after deducting underwriting discounts, of approximately $1.388 billion. These notes are unsecured obligations and may be redeemed at any time.

Repayments

        On March 1, 2012, our subsidiary, Qwest Communications International Inc ("QCII"), redeemed $800 million of its 7.50% Notes due February 15, 2014, which resulted in an immaterial gain.

Covenants

        As of March 31, 2012, we believe we were in compliance with the provisions and covenants of our debt agreements.

Other

        See Note 12—Subsequent Events for other recent transactions affecting our long-term debt.