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Level 3 calls 12 7/8% notes, 11¼% notes, tenders for floaters, 11% notes
By Jennifer Chiou
New York, Feb. 15 - Level 3 Communications, Inc. announced the redemption of its $487.801 million of 12 7/8% senior discount notes due 2010, $95.821 million of 11¼% senior notes due 2010 and €104.325 million of 11¼% senior euro notes due 2010.
The company said that it will redeem the 12 7/8% notes at 102.146%, the 11¼% notes at 101.875% and the 11¼% euro notes at 101.875%, plus accrued interest up to the March 16 redemption date.
The Broomfield, Colo., communications company added that it will redeem the notes following its subsidiary's, Level 3 Financing, Inc., offering of $1 billion of senior notes in two tranches using cash on hand.
The offering is expected to close during the week of Feb. 12.
Level 3 Financing also began a cash tender offer for any and all of its $150 million of floating-rate notes due 2011 for a price equal to $1,080.00 per $1,000 principal amount, including a $30.00 consent payment.
The company is also tendering for any and all of its $78 million of 11% senior notes due 2008 for a price equal to $1,054.28 per $1,000 principal amount, which also includes a $30.00 consent payment.
Level 3 Financing said it is soliciting consents to amend the note indentures to eliminate substantially all of the covenants, certain repurchase rights, certain discharge rights and certain events of default and related provisions.
The consent deadline is 12:01 a.m. ET on March 1, and the tender deadline is 12:01 a.m. ET on March 15.
The company is seeking consents from a majority of noteholders.
The information agent is Global Bondholder Services Corp. (call collect 212 430-3774 or 866 389-1500). Merrill Lynch & Co. is the dealer manager (888 654-8637 or call collect 212 449-4914).
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