Level 3 receives consents to amend 11½%, 10¾% notes

By Laura Lutz

Washington, March 7 - Level 3 Communications, Inc. received the consents it needed to amend its 11½% senior notes due 2010 and its 10¾% senior euro notes due 2008 in its ongoing tender offer for the notes.

As of the consent deadline at 12:01 a.m. ET on March 6, the company had received tenders and consents for 89% of its €49.773 million outstanding principal amount of the10¾% notes and 97% of its $692 million outstanding principal amount of the 11½% notes.

The company was 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 Broomfield, Colo., telecommunications company said it will pay $1,115.26 per $1,000 principal amount of 11½% notes and €1,061.45 per €1,000 principal amount of 10¾% notes.

The tender considerations include a $30.00 or €30.00 consent payment for noteholders who tender by the consent deadline.

The tender offers end at 12:01 a.m. ET on March 20.

Tenders submitted before the consent deadline may no longer be withdrawn.

Level 3 is seeking consents from holders of a majority of the notes.

Merrill Lynch & Co. is the dealer manager (888 654-8637 or call collect 212 449-4914). Global Bondholder Services Corp. is the information agent (866 389-1500 or call collect 212 430-3774).

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