Thursday, January 12, 2012

Level 3 Completes $900 Million Notes Offering

Level 3 Communications completed its previously announced offering of $900 million aggregate principal amount of its 8.625% Senior Notes due 2020 in a private offering to "qualified institutional buyers." The company said a portion of the net proceeds from the offering will be used to redeem all of Level 3 Financing's outstanding 9.25% Senior Notes due 2014 in aggregate principal amount of $807 million. The remaining proceeds will constitute purchase money indebtedness under the existing indentures of Level 3 and will be used solely to fund the cost of construction, installation, acquisition, lease, development or improvement of any telecommunications/IS assets, including the cash purchase price of any past, pending or future acquisitions.