Judge gives go-ahead to Qwest’s USD12.9 billion debt swap

19 Dec 2002

A New York judge has rejected arguments that a USD12.9 billion debt exchange offer violates securities law, giving Qwest Communications more time to repay some of its bonds. Qwest is offering bondholders at its Qwest Capital Funding subsidiary to exchange USD12.9 billion of debt at Qwest Communications International and intermediate holding company Qwest Services at an overall discount of as much as 20%.