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Level 3 buys back $248 million of debt at discount in second quarter
By Angela McDaniels
Tacoma, Wash., June 22 - Level 3 Communications, Inc. has paid about $223 million to repurchase about $248 million of debt during the second quarter, according to a company news release.
The debt repurchased includes $117 million of debt due 2009, $50 million of debt due 2010, $61 million of debt due 2011 and $20 million of debt due 2012.
The company also reached an agreement to deliver $72.21 million of cash and $200 million principal amount of new convertible notes in exchange for $281,899,000 of existing convertible notes.
After the settlement of the exchange agreement, Level 3 will have about $60 million of debt due in 2009, $181 million of debt due in 2010, $505 million of debt due in 2011 and $306 million of debt due in 2012.
Level 3 provides fiber-based communications services and is based in Broomfield, Colo.
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