BROOMFIELD, Colo., February 03, 2010
Level 3 Communications, Inc. (NYSE:LVLT, news, filings) announced today the completion of Level 3 Financing, Inc.'s previously announced tender offer and consent solicitation for its 12.25% Senior Notes due 2013 (the "12.25% Notes") and the acceptance for payment of an additional $30,000 principal amount of 12.25% Notes.
The depositary for the tender offer has advised Level 3 Financing, Inc. that an aggregate of $546,912,000 principal amount of 12.25% Notes were validly tendered in the tender offer for such notes prior to the expiration of the tender offer. In accordance with the terms of the tender offer, Level 3 Financing, Inc. accepted for payment $546,912,000 principal amount of 12.25% Notes, including $546,882,000 principal amount of 12.25% Notes on Jan. 20, 2010, at a purchase price of $1,080.00 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, Jan. 20, 2010, and $30,000 principal amount of 12.25% Notes on Feb. 3, 2010, at a purchase price of $1,050.00 per $1,000 principal amount of notes, plus accrued and unpaid interest up to, but not including, Feb. 3, 2010.
12.25% Notes not tendered in the tender offer and consent solicitation remain outstanding, and it is anticipated that such 12.25% Notes will be redeemed by Level 3 Financing, Inc. on March 15, 2010, at a redemption price of $1,061.25, defeased or otherwise discharged.
This announcement is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities with respect to the 12.25% Notes. The complete terms and conditions of the tender offer were set forth in an Offer to Purchase that was sent to holders of the 12.25% Notes.
BofA Merrill Lynch and Citi were the Dealer Managers for the tender offer.
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT) is a leading international provider of fiber-based communications services. Enterprise, content, wholesale and government customers rely on Level 3 to deliver services with an industry-leading combination of scalability and value over an end-to-end fiber network. Level 3 offers a portfolio of metro and long-haul services, including transport, data, Internet, content delivery and voice. For more information, visit www.Level3.com.
Some of the statements made in this press release are forward looking in nature. These statements 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. The most important factors that could prevent Level 3 from achieving its stated goals include, but are not limited to, the current uncertainty in the global financial markets and the global economy; disruptions in the financial markets that could affect Level 3's ability to obtain additional financing; as well as the company's ability to: successfully integrate acquisitions; increase the volume of traffic on the network; defend intellectual property and proprietary rights; develop effective business support systems; manage system and network failures or disruptions; develop new services that meet customer demands and generate acceptable margins; attract and retain qualified management and other personnel; and meet all of the terms and conditions of 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.
|Vince Hancock||Valerie Finberg|