DENVER -- Qwest Corporation, a wholly owned subsidiary of Qwest Communications International Inc., today announced that it was offering $1.5 billion principal amount of indebtedness at an interest rate of 8 7/8 percent per annum. The debt, which matures 10 years from the date of issuance, will be issued in an unregistered offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933. Qwest Corporation has agreed to offer to exchange the unregistered senior notes for substantially identical registered senior notes following completion of the offering. The notes will rank equally with all of Qwest Corporation's other unsecured and unsubordinated indebtedness, and are not guaranteed by Qwest Communications International Inc. Qwest expects that the offering will be completed on Tuesday, March 12, 2002, subject to satisfaction of customary closing conditions. Qwest expects to apply the net proceeds of the issuance to repay short-term indebtedness and current maturities of long-term indebtedness. The notes will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. Qwest Communications International Inc.