January 7, 2010
Level 3 Communications, Inc. announces that its subsidiary, Level 3 Financing, has agreed to issue $640 million senior notes in a private offering, and has commenced a tender offer to purchase $550 million of its outstanding senior notes.
On January 6, Willkie client Level 3 Communications, Inc. announced that its subsidiary, Level 3 Financing, has agreed to sell $640 million aggregate principal amount of 10% senior notes due 2018 in a private offering to qualified institutional buyers. Separately, on January 5, Level 3 announced that Level 3 Financing has also commenced a tender offer to purchase for cash any and all of the $550 million in aggregate principal amount outstanding of its 12.25% senior notes due 2013. Based in Bloomfield, Colorado, Level 3 is a leading international provider of fiber-based communications services. Willkie recently advised Level 3 on several other transactions, including its sale of $275 million offering of convertible notes in October 2009 and in a transaction in which it exchanged cash and $200 million of new convertible notes for $282 million of its outstanding convertible notes in June 2009.
The current transactions were handled by partners David Boston, Laura Delanoy, Crisopher Greer, and associates Michael Brandt and Howard Block.
