Louisiana
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1-7784
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72-0651161
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(State or other jurisdiction
|
(Commission
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(IRS Employer
|
of incorporation)
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File Number)
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Identification No.)
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100 CenturyLink Drive
|
||
Monroe, Louisiana
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71203
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(Address of principal executive offices)
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(Zip Code)
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Item 2.01.
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Completion of Acquisition or Disposition of Assets.
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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Name
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Class
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Principal Committee
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Term Expires
|
|||
Edward A. Mueller
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I
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Risk Evaluation
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2013
|
|||
Michael J. Roberts
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II
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Audit
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2011
|
|||
Charles L. Biggs
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III
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Audit
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2012
|
|||
James A. Unruh
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III
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Risk Evaluation
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2012
|
Item 8.01.
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Other Events.
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Name
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Principal Committee(s)
|
|||
Virginia Boulet
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Compensation, Nominating (Chair)
|
|||
Peter C. Brown
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Audit, Risk Evaluation
|
|||
W. Bruce Hanks
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Audit (Chair), Risk Evaluation
|
|||
Gregory J. McCray
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Nominating, Risk Evaluation
|
|||
C. G. Melville, Jr.
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Nominating, Risk Evaluation (Chair)
|
|||
Fred R. Nichols
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Compensation, Nominating
|
|||
William A. Owens
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Compensation, Nominating
|
|||
Harvey P. Perry
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Compensation
|
|||
Laurie A. Siegel
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Compensation (Chair)
|
|||
Joseph R. Zimmel
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Audit
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Item 9.01.
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Financial Statements and Exhibits.
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(a)
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Financial statements of businesses acquired.
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(b)
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Pro forma financial information.
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(d)
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Exhibits
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CENTURYLINK, INC.
|
|
Dated: April 6, 2011
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By: /s/ Stacey W. Goff
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Stacey W. Goff
|
|
Executive Vice President,
General Counsel and Secretary
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Exhibit No.
|
Description
|
2.1
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Agreement and Plan of Merger, dated as of April 21, 2010, among CenturyLink, Inc., Qwest Communications International Inc. and SB44 Acquisition Company (incorporated by reference to Exhibit 2.1 of our Current Report on Form 8-K filed on April 27, 2010).
|
99.1
|
Press release dated March 18, 2011, announcing the receipt of the approval of the Federal Communications Commission with respect to the Merger.
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99.2
|
Press release dated March 24, 2011, announcing the receipt of a regulatory approval from the State of Oregon required to complete the Merger.
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99.3
|
Press release dated April 1, 2011, announcing the completion of the Merger.
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99.4
|
The audited consolidated balance sheets of Qwest Communications International Inc. and subsidiaries as of December 31, 2010 and December 31, 2009 and the related audited consolidated statements of operations, stockholders’ (deficit) equity and comprehensive (loss) income, and cash flows for each of the years in the three-year period ended December 31, 2010, and the notes related thereto (incorporated by reference to Part II, Items 8 and 9 of Qwest’s Annual Report on Form 10-K, filed on February 15, 2011).
|
99.5
|
Unaudited Pro Forma Combined Condensed Financial Information.
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99.6
|
Consent of KPMG LLP, independent registered public accounting firm for Qwest Communications International Inc.
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FOR IMMEDIATE RELEASE:
|
FOR MORE INFORMATION CONTACT:
|
March 18, 2011
|
CenturyLink: Debra Peterson, 913-323-4881
debra.d.peterson@centurylink.com
|
Qwest: Tom McMahon, 202-429-3106
tom.mcmahon@qwest.com
|
▪
|
The merger has been approved by 20 states and the District of Columbia.
|
▪
|
CenturyLink and Qwest already have reached agreements with Integra Telecom, Cox Communications and other competitive local exchange carriers, and the U.S. Department of Defense in Arizona, Colorado, Utah and Washington.
|
▪
|
In October, the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) agreed that the merger is in the public interest.
|
▪
|
Shareholders from both companies approved the merger in August.
|
▪
|
The Department of Justice and the Federal Trade Commission cleared the transaction in July after determining there were no antitrust concerns.
|
▪
|
As of Dec. 31, 2010, CenturyLink served approximately 2.4 million broadband customers, 6.5 million access lines and almost 628,000 satellite video subscribers. On the same date, Qwest served 2.9 million broadband customers, 8.9 million access lines, more than 1 million video subscribers and more than 1 million wireless customers. The combination will create a robust 180,000-route-mile national fiber network, which will increase the combined company’s scale and enable the delivery of a diverse mix of service and product offerings.
|
▪
|
Merger website: centurylinkqwestmerger.com.
|
FOR IMMEDIATE RELEASE:
|
FOR MORE INFORMATION CONTACT:
|
March 24, 2011
|
CenturyLink: Debra Peterson, 913-323-4881
debra.d.peterson@centurylink.com
|
Qwest: Tom McMahon, 202-429-3106
tom.mcmahon@qwest.com
|
·
|
The merger has been approved by the commissions in 21 states, the District of Columbia and the FCC.
|
·
|
CenturyLink and Qwest have agreements with Integra Telecom, Cox Communications and other competitive local exchange carriers, and the U.S. Department of Defense in Arizona, Colorado, Utah and Washington.
|
·
|
In October, the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) agreed that the merger is in the public interest.
|
·
|
Shareholders from both companies approved the merger in August.
|
·
|
The Department of Justice and the Federal Trade Commission cleared the transaction in July after determining there were no antitrust concerns.
|
·
|
As of Dec. 31, 2010, CenturyLink served approximately 2.4 million broadband customers, 6.5 million access lines and almost 628,000 satellite video subscribers. On the same date, Qwest served 2.9 million broadband customers, 8.9 million access lines, more than 1 million video subscribers and more than 1 million wireless customers. The combination will create a robust 180,000-route-mile national fiber network, which will increase the combined company’s scale and enable the delivery of a diverse mix of service and product offerings.
|
·
|
Merger website: centurylinkqwestmerger.com.
|
FOR IMMEDIATE RELEASE:
|
FOR MORE INFORMATION CONTACT:
|
April 1, 2011
|
Media: Debra Peterson, 913-323-4881
debra.d.peterson@centurylink.com
|
Investors: Tony Davis, 318-388-9525
tony.davis@centurylink.com
|
Number of Qwest common shares outstanding
as of March 31, 2011
|
1,767.6 | |||
Multiplied by exchange ratio per merger agreement
|
0.1664 | |||
Number of CenturyLink shares subject to issuance
|
294.1 | * | ||
Multiplied by price of CenturyLink common stock**
|
$ | 41.55 | ||
Aggregate consideration before consideration of share-based compensation awards
|
$ | 12,221.2 | ||
Portion of assumed share-based compensation awards
attributable to the pre-combination period
|
$ | 61.0 | ||
Aggregate consideration
|
$ | 12,282.2 | ||
_______________
|
||||
* Of these 294.1 million shares, approximately 294.0 million shares of CenturyLink common stock were issued in connection with the merger, and the remainder will be,
in lieu of the issuance of fractional shares, paid in cash based upon the $41.55 stock price.
|
||||
** Price determined based on the closing price of CenturyLink’s common stock on March 31, 2011.
|
CENTURYLINK, INC.
|
|||||||||||||||||
PRO FORMA COMBINED CONDENSED BALANCE SHEET
|
|||||||||||||||||
DECEMBER 31, 2010
|
|||||||||||||||||
(UNAUDITED)
|
|||||||||||||||||
CenturyLink
|
Qwest
|
Pro forma
adjustments
|
Pro forma
combined
|
||||||||||||||
In millions
|
|||||||||||||||||
ASSETS
|
|||||||||||||||||
CURRENT ASSETS
|
|||||||||||||||||
Cash and cash equivalents
|
$ | 173 | 372 | - | 545 | ||||||||||||
Accounts receivable
|
713 | 1,264 | - | 1,977 | |||||||||||||
Other current assets
|
257 | 586 | (100 | ) |
(A)
|
743 | |||||||||||
Total current assets
|
1,143 | 2,222 | (100 | ) | 3,265 | ||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT
|
8,754 | 11,794 | - | 20,548 | |||||||||||||
GOODWILL AND OTHER ASSETS
|
|||||||||||||||||
Goodwill
|
10,261 | - | 12,740 |
(B)
|
23,001 | ||||||||||||
Other
|
1,880 | 3,204 | 719 |
(C)
|
5,803 | ||||||||||||
Total goodwill and other assets
|
12,141 | 3,204 | 13,459 | 28,804 | |||||||||||||
TOTAL ASSETS
|
$ | 22,038 | 17,220 | 13,359 | 52,617 | ||||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||
CURRENT LIABILITIES
|
|||||||||||||||||
Current maturities of long-term debt
|
$ | 12 | 1,089 | - | 1,101 | ||||||||||||
Accounts payable
|
300 | 801 | - | 1,101 | |||||||||||||
Accrued expenses and other liabilities
|
699 | 1,981 | (140 | ) |
(D)
|
2,540 | |||||||||||
Total current liabilities
|
1,011 | 3,871 | (140 | ) | 4,742 | ||||||||||||
LONG-TERM DEBT
|
7,316 | 10,858 | 901 |
(E)
|
19,075 | ||||||||||||
DEFERRED CREDITS AND OTHER LIABILITIES
|
4,064 | 4,146 | (1,339 | ) |
(F)
|
6,871 | |||||||||||
SHAREHOLDERS' EQUITY
|
|||||||||||||||||
Common stock
|
305 | 18 | 276 |
(G)
|
599 | ||||||||||||
Paid-in capital
|
6,175 | 42,285 | (30,297 | ) |
(G)
|
18,163 | |||||||||||
Accumulated other comprehensive loss, net of tax
|
(141 | ) | (376 | ) | 376 |
(G)
|
(141 | ) | |||||||||
Retained earnings (deficit)
|
3,302 | (43,425 | ) | 43,425 |
(G)
|
3,302 | |||||||||||
Noncontrolling interests
|
6 | - | - | 6 | |||||||||||||
Treasury stock
|
- | (157 | ) | 157 |
(G)
|
- | |||||||||||
Total shareholders’ equity (deficit)
|
9,647 | (1,655 | ) | 13,937 | 21,929 | ||||||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 22,038 | 17,220 | 13,359 | 52,617 | ||||||||||||
See accompanying notes to unaudited pro forma combined condensed financial information.
|
CENTURYLINK, INC.
|
|||||||||||||||||
PRO FORMA COMBINED CONDENSED STATEMENT OF INCOME
|
|||||||||||||||||
TWELVE MONTHS ENDED DECEMBER 31, 2010
|
|||||||||||||||||
(UNAUDITED)
|
|||||||||||||||||
CenturyLink |
Qwest
|
Pro forma adjustments |
Pro forma
combined
|
||||||||||||||
In millions, except per share amounts
|
|||||||||||||||||
OPERATING REVENUES
|
$ | 7,042 | 11,730 | (219 | ) |
(H)
|
18,553 | ||||||||||
OPERATING EXPENSES
|
|||||||||||||||||
Cost of services and products
|
2,410 | 3,804 | (182 | ) |
(H)
|
6,032 | |||||||||||
Selling, general and administrative
|
1,138 | 3,725 | (49 | ) | (I) | 4,814 | |||||||||||
Depreciation and amortization
|
1,434 | 2,200 | 400 | (J) | 4,034 | ||||||||||||
4,982 | 9,729 | 169 | 14,880 | ||||||||||||||
OPERATING INCOME
|
2,060 | 2,001 | (388 | ) | 3,673 | ||||||||||||
OTHER INCOME (EXPENSE)
|
|||||||||||||||||
Interest expense
|
(557 | ) | (1,039 | ) | 287 |
(K)
|
(1,309 | ) | |||||||||
Other income (expense)
|
28 | (512 | ) | - | (484 | ) | |||||||||||
Income tax expense
|
(583 | ) | (505 | ) | 38 |
(L)
|
(1,050 | ) | |||||||||
NET INCOME (LOSS)
|
$ | 948 | (55 | ) | (63 | ) | 830 | ||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE
|
$ | 3.13 | (0.03 | ) | 1.40 | ||||||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
|
$ | 3.13 | (0.03 | ) | 1.40 | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|||||||||||||||||
Basic
|
300.6 | 1,726.1 | (1,438.9 | ) |
(M)
|
587.8 | |||||||||||
Diluted
|
301.3 | 1,726.1 | (1,438.9 | ) |
(M)
|
588.5 | |||||||||||
See accompanying notes to unaudited pro forma combined condensed financial information.
|
|||||||||||||||||
(1)
|
Basis of Preliminary Purchase Price Allocation
|
Total estimated purchase price
|
$ | 12,282 | ||
Cash, accounts receivable and other current assets
|
$ | 2,122 | ||
Property, plant and equipment
|
11,794 | |||
Intangible identifiable assets
|
||||
Customer relationships
|
2,200 | |||
Other
|
400 | |||
Other non-current assets
|
1,323 | |||
Current liabilities, excluding the current portion of long-term debt
|
(2,642 | ) | ||
Current portion of long-term debt
|
(1,089 | ) | ||
Long-term debt
|
(11,759 | ) | ||
Deferred credits and other liabilities
|
(2,807 | ) | ||
Goodwill
|
12,740 | |||
Total estimated purchase price
|
$ | 12,282 |
(2)
|
Pro Forma Adjustments
|
|
(A)
|
To eliminate existing current deferred costs of Qwest associated with installation activities that will likely be assigned no value in the purchase price allocation process.
|
|
(B)
|
To reflect the establishment of goodwill of $12.740 billion estimated as a result of the preliminary purchase price allocation described in Note (1).
|
|
(C)
|
To reflect the preliminary fair values of the identifiable intangible assets of Qwest which were estimated by CenturyLink’s management based on the fair values assigned to similar assets in the recently completed Embarq acquisition. The estimated useful life of the customer relationship asset was assumed to be 10 years. The other intangible assets are considered indefinite life intangible assets and thus have no associated amortization expense for purposes hereof. This adjustment also includes (i) a reclassification of Qwest’s existing noncurrent deferred tax asset to partially offset CenturyLink’s existing noncurrent deferred tax liability; (ii) the elimination of existing deferred costs of Qwest associated with installation activities that will likely be assigned no value in the purchase price allocation process and (iii) the elimination of existing deferred debt issuance costs of Qwest. This pro forma adjustment is composed of the following (in millions):
|
Increase | ||||
(decrease)
|
||||
to assets
|
||||
Establish customer relationship asset
|
$ | 2,200 | ||
Establish other intangible assets
|
400 | |||
Reclassify noncurrent deferred tax asset to
deferred credits and other liabilities
|
(1,686 | ) | ||
Elimination of deferred costs associated with
installation activities
|
(100 | ) | ||
Elimination of debt issuance costs
|
(95 | ) | ||
Net pro forma adjustment
|
$ | 719 |
|
(D)
|
To eliminate existing deferred revenues of Qwest associated with installation activities and capacity leases that will likely be assigned little or no value in the purchase price allocation process.
|
|
(E)
|
To adjust the carrying value of Qwest’s long-term debt to its estimated fair value as of December 31, 2010. Fair value was estimated based on quoted market prices where available or, if not available, based on discounted future cash flows using current market interest rates.
|
|
(F)
|
To (i) reclassify Qwest’s existing noncurrent deferred tax asset to partially offset CenturyLink’s existing noncurrent deferred tax liability; (ii) eliminate existing deferred revenue of Qwest associated with installation activities and capacity leases that will likely be assigned little or no value in the purchase price allocation process and (iii) reflect the estimated net deferred tax liability established for the tax effects of recognizing the preliminary purchase price allocation reflected herein (calculated at an estimated effective tax rate of 38.0%). This net pro forma adjustment is composed of the following (in millions):
|
Increase
|
||||
(decrease)
|
||||
to liabilities
|
||||
Reclassify noncurrent deferred tax asset
|
$ | (1,686 | ) | |
Elimination of existing deferred revenue of Qwest
|
(387 | ) | ||
Reflect deferred tax liability (asset) associated with:
|
||||
Customer relationship and other intangible assets
|
988 | |||
Long-term debt
|
(342 | ) | ||
Elimination of deferred revenue associated with capacity leases
|
124 | |||
Elimination of deferred debt issuance costs
|
(36 | ) | ||
Net pro forma adjustment
|
$ | (1,339 | ) |
|
(G)
|
To reflect the elimination of Qwest’s stockholders’ equity balances as of December 31, 2010 and to reflect the issuance of approximately 294 million shares of CenturyLink common stock (valued at $12.282 billion for purposes of this pro forma information) as consideration delivered to acquire Qwest.
|
|
(H)
|
To reflect the elimination of (i) operating revenues and operating expenses recognized by Qwest associated with existing deferred revenues and costs from installation activities and capacity leases that will likely be assigned little or no value in the purchase price allocation process ($149 million of operating revenues and $112 million of operating expenses) and (ii) operating revenues and operating expenses from pre-existing relationships between CenturyLink and Qwest that will be subject to elimination after the merger ($70 million of operating revenues and operating expenses).
|
|
(I)
|
To reflect a reduction of pension and postretirement benefit expense due to eliminating the amortization of previously unrecognized prior service costs and net actuarial losses recognized by Qwest in 2010. Such unrecognized items will be eliminated in the purchase price allocation process.
|
|
(J)
|
To reflect amortization expense associated with the Qwest customer relationship asset estimated in Item (C) above assuming an estimated useful life of 10 years utilizing an accelerated (sum-of-the-years digits) amortization method (which corresponds to an increase in depreciation and amortization of $400 million for the year ended December 31, 2010).
|
|
(K)
|
To reflect a reduction in interest expense from the accretion of the purchase accounting adjustment associated with reflecting Qwest’s long-term debt based on its estimated fair value pursuant to the adjustment described in Item (E) above.
|
|
(L)
|
To reflect the tax effects of Items (H), (I), (J) and (K) using an estimated effective income tax rate of 38.0%.
|
|
(M)
|
To reflect (i) the elimination of Qwest’s basic and diluted common shares outstanding, net of (ii) the assumed issuance of basic and diluted common shares as a result of the Qwest transaction calculated by multiplying Qwest’s basic and diluted common shares outstanding by the 0.1664 exchange ratio.
|
|
The Board of Directors
|
|
CenturyLink, Inc.:
|
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