BROOMFIELD, Colo., April 28, 2015 /PRNewswire/ -- Level 3
Communications, Inc. (NYSE: LVLT) today announced that Level 3
Financing, Inc., its wholly owned subsidiary ("Level 3 Financing"),
has completed its previously announced offering of $700 million aggregate principal amount of its
5.125% Senior Notes due 2023 (the "2023 Notes") and $800 million aggregate principal amount of its
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 2023 Notes were priced to investors at 100 percent of their
principal amount and will mature on May 1,
2023. The 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, together with cash on hand,
will be used to redeem (i) all of Level 3 Financing's outstanding
8.125% Senior Notes due 2019 (the "8.125% Senior Notes"), including
accrued interest, applicable premiums and expenses and (ii) all of
Level 3's outstanding 8.875% Senior Notes due 2019 (the "8.875%
Senior Notes"), including accrued interest, applicable premiums and
expenses.
Today, an irrevocable notice of redemption was distributed to
holders of Level 3 Financing's 8.125% Senior Notes and a separate
irrevocable notice of redemption was distributed to holders of
Level 3's 8.875% Senior Notes. The redemptions of the outstanding
aggregate principal amount of all the 8.125% Senior Notes and
8.875% Senior Notes is scheduled to occur on May 28, 2015.
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,
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 eventsor 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.