Level 3 (LVLT) Signs Debt Exchange Agreement
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Level 3 Communications, Inc. (Nasdaq: LVLT) announced it has signed an exchange agreement with an institutional investor to exchange a combination of cash and a new issue of the Company's 7% Convertible Senior Notes due March 15, 2015 for a portion of the Company's existing 6% Convertible Subordinated Notes due 2010 and its 2.875% Convertible Senior Notes due 2010 held by the investor on behalf of its client accounts.
In exchange for $142,079,000 aggregate principal of its 6% Convertible Subordinated Notes due 2010 and $139,820,000 aggregate principal of its 2.875% Convertible Senior Notes due 2010, Level 3 will deliver to the investor, on behalf of its client accounts, $200,000,000 aggregate principal amount of Notes, $78,208,900 in cash and accrued and unpaid interest on the Existing Notes.
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