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Level 3 Completes Offering of $900 Million Aggregate Principal Amount of Senior Notes
Jan 13, 2012 (06:01 PM EST)
BROOMFIELD, Colo., Jan. 13, 2012 /PRNewswire/ -- Level 3 Communications, Inc. (NYSE: LVLT) today announced that Level 3 Financing, Inc., its wholly owned subsidiary, has 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," 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.
The notes will mature on July 15, 2020. Level 3 Financing, Inc.'s obligations under the 8.625% 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 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 (as defined in the existing indentures of Level 3), including the cash purchase price of any past, pending or future acquisitions.
On Jan. 13, 2012, a notice of redemption was distributed to holders of Level 3 Financing's 9.25% Senior Notes due 2014. The redemption of all Level 3 Financing's outstanding 9.25% Senior Notes due 2014 is scheduled to occur on Feb. 12, 2012.
The notes are not registered under the Securities Act of 1933 or any state securities laws and, unless so registered, may not be offered or sold except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.
About Level 3 Communications
© Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications, Level (3), Think Ahead, the Level 3 Logo and the Level 3 Think Ahead logo are either registered service marks or service marks of Level 3 Communications, LLC and/or one of its Affiliates in the United States and/or other countries. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners. Level 3 services are provided by subsidiaries of Level 3 Communications, Inc.
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SOURCE Level 3 Communications, Inc.