Level 3 Communications (LVLT) Announces Plans to Offer $350 Million in Senior Notes Due 2020
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Level 3 Communications, Inc. (NYSE: LVLT) today announced that its subsidiary, Level 3 Financing, Inc., plans to offer $350 million aggregate principal amount of senior notes that will mature in 2020 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, and non-U.S. persons outside the United States under Regulation S under the Securities Act of 1933. Level 3 Financing, Inc.'s obligations under the senior notes will be fully and unconditionally guaranteed on an unsecured basis by Level 3 Communications, Inc.
A portion of the net proceeds from the offering of the senior notes will be used to redeem a portion of Level 3 Financing, Inc.'s outstanding 9.25% Senior Notes due 2014. Any remaining net proceeds will be used for general corporate purposes.
A portion of the net proceeds from the offering of the senior notes will be used to redeem a portion of Level 3 Financing, Inc.'s outstanding 9.25% Senior Notes due 2014. Any remaining net proceeds will be used for general corporate purposes.
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