Level 3 converts some 6.5% convertibles, redeems remaining amount

By Tali David

Minneapolis, Dec. 27 - Level 3 Communications, Inc. said holders of its 6.5% convertible senior notes converted $200,335,000 principal amount into 10,814,264 shares of Level 3 common stock, according to a press release.

Holders received 53.9811 shares of common stock, which is equivalent to a conversion price of about $18.525 per share, for each $1,000 of the notes that were converted. No accrued and unpaid interest was payable upon conversion.

The remaining $915,000 was redeemed at par plus accrued interest on Dec. 26.

Level 3 is a Broomfield, Colo.-based provider of fiber-based communications services.

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