Thursday, May 12, 2005

Level 3's Information Services Group Files for IPO

Level 3 Communications' wholly owned subsidiary -- Technology Spectrum, Inc. -- has filed a registration statement with the Securities and Exchange Commission to enable the sale of that subsidiary's common stock to the public in an initial public offering.

Technology Spectrum is the principal holding company for Level 3's information services group. Upon completion of the offering, Technology Spectrum's subsidiaries will include Software Spectrum, a direct marketer of software to corporations based in Plano, Texas, and (i)Structure, a provider of IT infrastructure management services to enterprises.

Technology Spectrum would receive no proceeds in this offering. Another subsidiary of Level 3's -- Level 3 Financing, Inc. -- is the sole selling stockholder in the offering. The net proceeds to Level 3 Financing from the offering would be used for general corporate purposes.

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