CenturyLink Inc (CTL) is a major telecoms company with a long history, a $17.4bn market cap, $26bn in combined revenue and 52,500 employees. It provides a large array of products and services to residential and business customers, including local and long-distance voice, broadband, hosting, video, network, IT, security and various other services. The acquisition of Level 3 Communications in November cements its place as the number two domestic carrier in the USA behind AT&T. It has enterprise clientele spread across 60 countries. Its business also has a solid core of profitable and cash generative operations, and Level 3 will add to it. Integrating the two will take time, but both sides have successful experience to draw on in that regard. We see current yields as a reasonable recompense for the risks bondholders are carrying.