Filed pursuant to Rule 433
Registration No. 333-157188
CenturyLink, Inc.
$400,000,000 7.600% Senior Notes, Series P, due 2039
Pricing Term Sheet
Date: June 9, 2011
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| Issuer: |
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CenturyLink, Inc. |
| Principal Amount: |
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$400,000,000 |
| Security: |
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$400,000,000 7.600% Senior Notes,
Series P, due 2039 |
| Maturity: |
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September 15, 2039 |
| Coupon: |
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7.600% |
| Issue Price: |
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95.377% |
| Yield to Maturity: |
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8.014% |
| Spread to Benchmark Treasury: |
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3.800% |
| Benchmark Treasury: |
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4.750% due February, 2041 |
| Benchmark Treasury Yield: |
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4.214% |
| Interest Payment Dates: |
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March 15 and September 15,
commencing September 15, 2011 |
| Interest Calculation Convention: |
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30/360 |
| Denominations: |
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$2,000 minimum x $1,000 |
| Optional Redemption: |
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At any time at greater of Par and
Make-Whole at discount rate of
Treasury plus 50 basis points. |
| Settlement Date: |
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T+5; June 16, 2011 |
| CUSIP Number: |
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156700 AM8 |
| ISIN / Common Code: |
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US156700AM80 |
| Accrued Interest Payable to the
Issuer: |
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$7,684,444 accrued from and
including March 15, 2011 to and
excluding the Closing Date. |
| Joint Book-Running Managers: |
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Barclays Capital Inc. |
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Merrill Lync
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h, Pierce, Fenner & Smith |
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Incorporated |
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J.P. Morgan Securities LLC |
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Wells Fargo Securities, LLC |
The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the complete prospectus if you request it by
calling Barclays Capital Inc. at 1-888-603-5847, Merrill Lynch, Pierce, Fenner & Smith Incorporated
toll free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 212-834-4533 or Wells Fargo
Securities, LLC at 1-800-326-5897.
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.