The bank debt for Qwest Corp. slipped after its parent company Qwest Communications International reported $310 million in losses for the first quarter of 2004. Qwest Corp. has a $1.25 billion floating-rate tranche that slipped from the 104-105 context to the 103-104 range. The piece is priced at LIBOR plus 4 3/4% with a floor of 6 1/2%. The company also has a $500 million, 6.95% fixed-rate piece, which traded down from the 99-100 range to the 97-98 context following the release. Merrill Lynch, Credit Suisse First Boston and Deutsche Bank hold the lead roles on the facility. Calls to company officials were referred to a spokesman, who did not return calls by press time.
Qwest Corp. Falls After Losses