Level 3 plans loan amendment and restatement to lower rates

By Sara Rosenberg

New York, May 30 - Level 3 Financing, Inc., a wholly owned subsidiary of Level 3 Communications, Inc., is looking to amend and restate its $730 million senior secured credit facility, according to a company news release.

Under the amendment and restatement, the company is seeking the reduction of the interest rate as well as the modification of the pre-payment provisions in addition to other specified changes.

Merrill Lynch is the lead bank on the transaction.

The company expects to complete this amendment and restatement by the end of June.

Level 3 is a Broomfield, Colo., international communications and information services company.

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