BROOMFIELD, Colorado,
Oct. 31, 2014 /PRNewswire/ -- Level 3
Communications, Inc. (NYSE: LVLT) announced that, in connection
with the closing of its acquisition of tw telecom inc., tw telecom
holdings, inc., a wholly owned subsidiary of tw telecom inc.,
called for redemption all of tw telecom holdings' outstanding
5.375% Senior Notes due 2022 (CUSIP Nos. 87311X AD0 and 87311X AF5)
and 6.375% Senior Notes due 2023 (CUSIP No. 87311X AH1).
tw telecom inc. issued its common stock to Level 3 in an "Equity
Offering" (as defined in the indentures governing each series of tw
telecom holdings' senior notes). tw telecom holdings is using the
proceeds of that Equity Offering to redeem 35 percent of the
outstanding principal amount of each issue of its 5.375% Senior
Notes due 2022 and of its 6.375% Senior Notes due 2023. The
redemption price for the $325.5
million aggregate principal amount of 5.375% Notes due 2022
being redeemed with the proceeds of the Equity Offering is 105.375%
of the principal amount thereof, plus accrued and unpaid interest
to, but excluding the redemption date. The redemption price for the
$122.5 million aggregate principal
amount of 6.375% Notes due 2023 being redeemed with the proceeds of
the Equity Offering is 106.375% of the principal amount thereof,
plus accrued and unpaid interest to, but excluding the redemption
date. The redemption date for those redemptions is November 30, 2014.
Following those redemptions, the remaining 65 percent of the
outstanding principal amount of each issue of tw telecom holdings'
5.375% Notes due 2022 ($604.5 million
aggregate principal amount) and tw telecom holdings' 6.375% Senior
Notes due 2023 ($227.5 million
aggregate principal amount) will be redeemed on December 2, 2014, at "make-whole" prices
calculated in accordance with the indentures using the rate of the
comparable U.S. Treasury yield plus 50 basis points, plus accrued
and unpaid interest to, but excluding, the redemption date.
In connection with such redemptions, tw telecom holdings is
discharging the indentures governing each series of notes.
About Level 3 Communications
Level 3 Communications, Inc. (NYSE: LVLT) is a Fortune 500
company that provides local, national and global communications
services to enterprise, government and carrier customers. Level 3's
comprehensive portfolio of secure, managed solutions includes fiber
and infrastructure solutions; IP-based voice and data
communications; wide-area Ethernet services; video and content
distribution; data center and cloud-based solutions. Level 3 serves
customers in more than 500 markets in over 60 countries across a
global services platform anchored by owned fiber networks on three
continents and connected by extensive undersea facilities. For more
information, please visit www.level3.com or get to know us on
Twitter, Facebook and LinkedIn.
© Level 3 Communications, LLC. All Rights Reserved. Level 3,
Level 3 Communications, Level (3) and the Level 3 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 elsewhere. 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.
Forward-Looking Statement
Some statements made in this press release are
forward-looking in nature and are based on management's current
expectations or beliefs. These forward-looking statements are not a
guarantee of performance and are subject to a number of
uncertainties and other factors, many of which are outside Level
3's control, which could cause actual events to differ materially
from those expressed or implied by the statements. Important
factors that could prevent Level 3 from achieving its stated goals
include, but are not limited to, the company's ability to:
successfully integrate the tw telecom acquisition; manage risks
associated with continued uncertainty in the global economy;
increase revenue from its services to realize its targets for
financial and operating performance; maintain and increase traffic
on its network; develop and maintain effective business support
systems; manage system and network failures or disruptions; avert
the breach of its network and computer system security measures;
develop new services that meet customer demands and generate
acceptable margins; manage the future expansion or adaptation of
its network to remain competitive; defend intellectual property and
proprietary rights; manage continued or accelerated decreases in
market pricing for communications services; obtain capacity for its
network from other providers and interconnect its network with
other networks on favorable terms; attract and retain qualified
management and other personnel; successfully integrate future
acquisitions; effectively manage political, legal, regulatory,
foreign currency and other risks it is exposed to due to its
substantial international operations; mitigate its exposure to
contingent liabilities; and meet all of the terms and conditions of
its debt obligations. Additional information concerning these and
other important factors can be found within Level 3's filings with
the Securities and Exchange Commission. Statements in this press
release should be evaluated in light of these important factors.
Level 3 is under no obligation to, and expressly disclaims any such
obligation to, update or alter its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact
Information
|
|
|
|
Media:
|
Investors:
|
Ashley
Pritchard
|
Mark
Stoutenberg
|
+1
720-888-5950
|
+1
720-888-2518
|
ashley.pritchard@level3.com
|
mark.stoutenberg@level3.com
|
Logo - http://photos.prnewswire.com/prnh/20140908/144115