Qwest Communications International Inc. said Tuesday it expects its first-quarter earnings before interest, taxes, depreciation and amortization to top Wall Street expectations, but sales will likely fall below estimates.
Qwest did not provide specific earnings or sales figures. But analysts polled by Thomson Reuters expect EBITDA of $1.08 billion and sales of roughly $3.25 billion.
In February, the company forecast 2009 adjusted EBITDA of $4.2 billion to $4.4 billion.
Qwest, a Denver-based phone and broadband company, said separately Tuesday it completed an offering of $810.5 million in new debt, more than double the $300 million of notes due May 2016 it originally planned to sell. The proceeds will be used to pay down old debt and fund investments in its telecommunications assets, the company said.
Fitch Ratings assigned the notes a "BBB-" rating, one notch above non-investment, or "junk" grade. The agency said in a statement Tuesday that its rating reflects Qwest's "scope, scale and relatively consistent cash flow" as well as financial flexibility and liquidity.
Qwest shares fell 8 cents to close at $3.87.
