Monday, January 10, 2011

Level 3 Plans $300 Million Notes Offering

Level 3 Communications plans to offer $300 million aggregate principal amount of senior notes (the "Senior Notes") that will mature in 2019 and will bear interest at a fixed rate in a proposed private offering to "qualified institutional buyers", as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and non-U.S. persons outside the United States under Regulation S under the Securities Act. The Senior Notes will not be guaranteed by any of the Company's subsidiaries. A portion of the net proceeds from the offering are expected to be used to redeem the Company's outstanding 5.25% Convertible Senior Notes due 2011.


Level 3 also confirmed its previously issued expectation that for the fourth quarter 2010 and continues to expect Core Network Services revenue and Consolidated Adjusted EBITDA to increase in the fourth quarter compared to the company's results in the third quarter 2010. The company also expects to be free cash flow positive for the fourth quarter 2010.
http://www.level3.com

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