e424b3
 

Filed Pursuant to Rule 424(b)(3)
File No. 333-136584
Prospectus Supplement No. 1
(To Prospectus dated August 11, 2006)
$180,000,000
(BROADWING LOGO)
3.125% Convertible Senior Debentures due 2026
and
Common Stock Issuable Upon Conversion of the Debentures
          This prospectus supplement No. 1 supplements and amends the prospectus dated August 11, 2006 relating to $180,000,000 aggregate principal amount of our 3.125% Convertible Senior Debentures due 2026 and shares of our common stock issuable upon conversion of the debentures held by the selling securityholders.
          The table beginning on page 45 of the prospectus sets forth information with respect to the selling securityholders and the respective amounts of debentures beneficially owned by each selling securityholder that may be offered pursuant to the prospectus. Based on information provided by or on behalf of the named selling securityholders, the table is hereby supplemented and amended as follows:
 
                                 
                    Common    
                    Stock    
    Principal Amount of           Owned   Common
    Debentures Beneficially   Percentage of   Prior to   Stock
    Owned and Offered   Debentures   the   Offered
Selling Securityholder   Hereby   Outstanding   Offering   Hereby
TQA Master Fund Ltd. (4)
  $ 3,380,000       1.88 %           203,614  
TQA Master Plus Fund Ltd. (4)
  $ 1,660,000       *             100,000  
Zurich Institutional Benchmarks Master Fund (4)
  $ 847,000       *             51,024  
MSS Convertible Arbitrage 1 Fund (4)
  $ 148,000       *             8,915  
Advent Claymore Enhanced Growth Income Fund (9)
  $ 2,000,000       1.11 %           120,482  
Advent Claymore Convertible Sec & Inc Fund (9)
  $ 1,000,000       *             60,241  
Aristeia International Limited (11)
  $ 17,600,000       9.78 %           1,060,241  
Aristeia Partners LP (12)
  $ 2,400,000       1.33 %           144,578  
Jefferies & Company, Inc.
  $ 14,000,000       7.78 %           843,374  
Empyrean Capital Fund, LP (20)
  $ 3,052,000       1.70 %           183,855  
Empyrean Capital Overseas Fund, Ltd. (20)
  $ 4,506,000       2.50 %           271,445  
Empyrean Capital Overseas Benefit Plan Fund, Ltd. (20)
  $ 442,000       *             26,626  
Cheyne Fund LP (21)
  $ 2,191,000       1.22 %           131,988  
Cheyne Leverage Fund LP (21)
  $ 1,809,000       1.01 %           108,975  
 
 
(20)   Tian Xue has voting and dispositive power over the securities.
 
(21)   David Treadwell has voting and dispositive power over the securities.
     
 
          The prospectus dated August 11, 2006, as amended and supplemented by this prospectus supplement No. 1, constitutes the prospectus required to be delivered by Section 5(b) of the Securities Act of 1933, as amended, with respect to offers and sales of the debentures and the common stock issuable upon conversion of the debentures.
          You should carefully review “Risk Factors” beginning on page 4 of the prospectus and the risk factors referenced in our periodic reports incorporated by reference in the prospectus, which discuss various factors you should consider before buying these debentures and the common stock issuable upon conversion of the debentures.
The date of this prospectus supplement is August 29, 2006.

1