CenturyTel Completes Previously Announced Sale of Submarine Cable Operations for Approximately $61.8 Million in Cash.MONROE, La.--(BUSINESS WIRE)--May 19, 1998--CenturyTel (Century Telephone Enterprises, Inc., NYSE NYSE See: New York Stock Exchange Symbol: CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) has sold its interests in Pacific Telecom Cable, Inc. (PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. ) and Pacific Telecom Transmission Services, Inc. (PTTS PTTS Professional Tarpon Tournament Series PTTS Plasma Technology Training School (UK) PTTS Parking Traffic and Transportation Service (Texas A&M University) PTTS Permission-To-Train Switch ) to Neptune Pacific Holdings, Inc. pursuant to previously announced agreements reached in December 1997. CenturyTel expects to receive net payments of $61.8 million, substantially all of which were received at closing. PTC is the U.S. founder and operator of the North Pacific Cable, a submarine fiber optic cable Noun 1. fiber optic cable - a cable made of optical fibers that can transmit large amounts of information at the speed of light fibre optic cable transmission line, cable, line - a conductor for transmitting electrical or optical signals or electric power that links the Pacific Northwest to Japan and Alaska. PTTS provides restoration services to the North Pacific Cable via a satellite earth station. CenturyTel will utilize the proceeds from this transaction to reduce its debt associated with its December 1997 acquisition of Pacific Telecom, Inc. (PTI). Neptune Pacific Holdings, Inc. is an affiliate of Neptune Communications, a privately held undersea cable project development company formed by Neptune Global Systems, L.L.C. and the Carlyle Group. CenturyTel (Century Telephone Enterprises, Inc.) provides integrated communications services including local exchange, wireless, long distance, Internet access and security services to more than two million customers in 21 states. The company, headquartered in Monroe, Louisiana, is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CTL. CenturyTel is the 10th largest local exchange telephone company, based on access lines, and the 10th largest cellular company, based on population equivalents owned, in the United States. Visit CenturyTel's corporate website at www.centurytel.com. CONTACT: CenturyTel (Century Telephone Enterprises), Monroe Patricia Cameron (Media), 318/388-9674 pcameron@cte.net or Jeffrey S. Glover (Investors), 318/388-9648 jglover@cte.net |
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