BROOMFIELD, Colo., April 14, 2015 /PRNewswire/ -- Level 3
Communications, Inc. (NYSE: LVLT) today announced that Level 3
Financing, Inc., its wholly owned subsidiary ("Level 3 Financing"),
has agreed to sell $700 million
aggregate principal amount of its 5.125% Senior Notes due 2023 (the
"2023 Notes") and $800 million
aggregate principal amount of 5.375% Senior Notes due 2025 (the
"2025 Notes" and, together with the 2023 Notes, the "Notes") 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,
as amended.
The new 2023 Notes were priced to investors at 100 percent of
their principal amount and will mature on May 1, 2023. The new 2025 Notes were priced
to investors at 100 percent of their principal amount and will
mature on May 1, 2025. Level 3
Financing's obligations under each series of Notes will be fully
and unconditionally guaranteed on an unsecured basis by Level 3
Communications, Inc.
The net proceeds from the offering of the Notes, together with
cash on hand, will be used to (i) redeem, satisfy and
discharge, defease or otherwise repay or retire all of Level 3
Financing's approximately $1.2
billion outstanding aggregate principal amount of 8.125%
Senior Notes due 2019 and (ii) redeem, satisfy and discharge,
defease or otherwise repay or retire all of Level 3 Communications,
Inc.'s approximately $300 million
outstanding aggregate principal amount of 8.875% Senior Notes due
2019.
The offering is expected to be completed on April 28, 2015, subject to the satisfaction or
waiver of customary closing conditions.
The Notes will not be 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,
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 over 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
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Media:
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Investors:
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Ashley
Pritchard
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Mark Stoutenberg
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+1
720-888-5950
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+1
720-888-2518
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ashley.pritchard@level3.com
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mark.stoutenberg@level3.com
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SOURCE Level 3 Communications, Inc.