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CTL is the third largest wireline carrier in the U.S, with wireline operations in 12 states. It provides local, long distance, broadband, data, managed hosting and video services to residential, business, and wholesale customers. The company passed 25-26k locations at the end of 2017. On November 1, 2017, CTL closed its acquisition of Level 3. The merger increased CTL's revenue exposure to Strategic Enterprise businesses to ~55% of revenue (prev. 30%) and reduced Legacy business to ~32% of revenue (prev. 48%). The deal was announced in November 2016 at a value of $34 bn (12x multiple). Glen Post, current CTL CEO, is one of the longest serving telecom CEOs in the US. At the beginning of 2019, he will retire and former LVLT CEO, and current CTL COO, Jeff Storey will become CEO. Post will remain Chairman of the Board after Storey assumes the CEO position. Pro forma for the business combination, CTL generated roughly two-thirds of LTM revenue and EBITDA. Pro forma LTM revenue for the company is $24.8 bn and EBITDA is $15 bn (including synergies). (17 Jan 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

CenturyLink 3Q18: Sergeant Storey

Earnings Note: 12 Nov 2018, 4:22 AM ET - CenturyLink sold off on 3Q18 revenue disappointments, but the company delivered strong AEBITDA and FCF growth in the quarter. We are CTL buyers on weakness and remain Outperform.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

T-Mobile: Snags CenturyLink CFO

Worth Watching: 24 Sep 2018, 10:20 PM ET - T-Mobile has announced that Sunit Patel, current CFO of CenturyLink and former CFO of Level 3, will be joining the company as Executive Vice President, Merger and Integration Lead. Patel will officially resign from CenturyLink on September 28th ..

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

CenturyLink: Redeeming $1.3 bn of Qwest Notes

Worth Watching: 20 Aug 2018, 6:10 PM ET - CenturyLink announced today that it will be redeeming $1.3 bn aggregate principal of notes issued by its subsidiary, Qwest Corporation. The redemption will occur in early September and will be of four series of notes, including Qwest's 7.50% No ..

CenturyLink 2Q18: Whole Wheat, Not White, Bread

Earnings Note: 09 Aug 2018, 5:13 AM ET - While CenturyLink’s top line slowed due to a shed of “empty-calorie revenue”, 2Q18 saw AEBITDA growth and leverage reduction. 2H18 should be strong, with now upgraded 2018 AEBITDA and FCF guidance.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

US Telecom: Pai Announces 3 more mmWave Auctions

Worth Watching: 12 Jul 2018, 2:43 PM ET - US Telecom: On August 2, 2018, the FCC will hold its monthly Commissioners' Meeting, and the agenda will focus on 5G. This week, Chairman Ajit Pai announced a plan to hold three more millimeter-wave (mmWave) spectrum auctions – the 37 GHz, 39 G ..

Satellite C-Band: A Look Ahead of July 12 Vote (1)

Sector Analysis: 10 Jul 2018, 9:42 PM ET - On July 12, the FCC plans to vote on a strategy to open at least a portion of C-Band spectrum. We take a look at the current uses of the band, the FCC's NPRM, third-party commentary, and discuss high level valuation scenarios.  

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

CenturyLink 1Q18: Storey Time

Earnings Note: 09 May 2018, 11:21 PM ET - The Level 3 integration is underway, and CenturyLink is starting a new chapter without Glen Post. Our concerns with the integration were too severe, and we are shifting to an Outperform on CenturyLink bonds.

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

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