Level 3 receives consents to amend 12¼% notes

By Michelle Anderson

Rochester. N.H., Feb. 26 - Level 3 Communications, Inc. announced that its subsidiary Level 3 Financing, Inc. received the needed consents to amend its 12¼% senior notes due 2013 by the 5 p.m. ET, Feb. 23 deadline.

Having received the consents, Level 3 will amend the indenture on the notes so that between its amend date and Sept. 30, the company can incur debt that is permitted based upon a multiple of cash flow available for fixed charges on a pro forma basis giving effect to any acquisition, merger or consolidation completed prior to Feb. 1, 2007, according to a press release.

The calculation would be consistent with the similar provisions for Level 3's 9 ¼% senior notes due 2013, floating-rate senior notes due 2015 and 8¾% senior notes due 2017 except for the one-time nature of the adjustment and the limitation with respect to transactions that had been completed prior to Feb. 1, 2007.

As of the consent time, 98.8% of the aggregate principal amount of the outstanding 12.25% notes had consented.

The supplemental indenture was entered into among Level 3, Level 3 Financing, Inc., Level 3 Communications, LLC, Broadwing Financial Services, Inc. and The Bank of New York, as trustee.

Level 3 is a Broomfield, Colo., telecommunications company.

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