Level 3 Files Registration Statement with U.S. Securities and Exchange Commission as Required by the Stockholder Rights Agreement Between Level 3 and STT Crossing Ltd

BROOMFIELD, Colo., Nov. 21, 2011 /PRNewswire/ — As required by the Stockholder Rights Agreement between STT Crossing Ltd (“STT Crossing”) and Level 3 Communications, Inc. (NYSE:LVLT, news, filings) (the “Company” or “Level 3”), the Company filed a registration statement with the U.S. Securities and Exchange Commission on Nov. 18, 2011. The Stockholder Rights Agreement was executed in April 2011 at the time that the Company agreed to acquire Global Crossing Limited (“Global Crossing”). This registration statement will permit STT Crossing to sell, from time to time, the shares of the Company’s common stock that it received as a result of the closing of the Company’s acquisition of Global Crossing on Oct. 4, 2011. STT Crossing was the controlling shareholder of Global Crossing prior to the acquisition.

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Pursuant to the terms of the Stockholder Rights Agreement, STT Crossing has agreed that during the 90 day period following the Oct. 4, 2011 closing date that it will not, without the prior written consent of the Company, directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any shares of the Company’s common stock other than to its affiliates as defined in the Stockholder Rights Agreement.

The Company believes that agreeing to file a resale registration statement is customary when an investor acquires a greater than 20 percent ownership stake as a result of a transaction similar to Level 3’s acquisition of Global Crossing.

This press release does not constitute an offer of any securities for sale.

About Level 3 Communications

Level 3 Communications, Inc. (NYSE: LVLT) is a premier global provider of IP-based communications services to enterprise, content, government and wholesale customers. Over its reliable, scalable and secure network, Level 3 delivers integrated IP solutions, including converged, data, voice, video and managed solutions to help enable customers’ growth and efficiency. Level 3 operates a unique global services platform anchored by owned fiber networks on three continents in more than 45 countries, connected by extensive undersea facilities. For more information, visit www.level3.com.

© 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.

Forward-Looking Statement

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 company’s ability to successfully integrate the Global Crossing acquisition, the current uncertainty in the global financial markets and the global economy; a discontinuation of the development and expansion of the Internet as a communications medium and marketplace for the distribution and consumption of data and video; and disruptions in the financial markets that could affect Level 3’s ability to obtain additional financing.  Additional factors include, but are not limited to, the company’s ability to:  increase and maintain the volume of traffic on its network; develop effective business support systems; manage system and network failures or disruptions; develop new services that meet customer demands and generate acceptable margins; defend intellectual property and proprietary rights; adapt to rapid technological changes that lead to further competition; attract and retain qualified management and other personnel; successfully integrate future acquisitions; 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.

SOURCE Level 3 Communications, Inc.