Telecommunications company Qwest Communications International Inc. said Wednesday that it will launch a tender offer to buy back $1.2 billion worth of debt maturing in 2010 and 2011.

The tender offer by the company's Qwest Capital Funding subsidiary is for $402.9 million in notes due 2010 carrying an interest rate of 7.9 percent, and $801 million in notes maturing in 2011 paying an interest rate of 7.25 percent.

Qwest, based in Denver, offered to pay $996.25 for every $1,000 principal amount of notes for the 2010 debt and $1,016.25 for each $1,000 principal amount of notes maturing in 2011. The deadline to accept the offer is March 24.

If debt holders tender their notes by March 9, they will get a $30 bonus for every $1,000 of debt tendered.