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Communication services company CenturyLink (CTL) has completely overhauled its balance sheet over the past couple of years. After making a large acquisition of Level 3, the debt-heavy company faced a number of short-term maturities and significant quarterly interest expenses. With global interest rates continuing to be at historic lows, I've been waiting for the next move from management to improve its financial flexibility. This week, we have reached that point.
It was announced on Wednesday morning that the company's Level 3 Financing subsidiary would offer $1 billion in eight-year unsecured senior notes. When