IP-based communications solutions provider Level 3 Communications plans to offer US$500m senior unsecured notes due 2023 and carrying a fixed rate interest to qualified institutional investors.
Proceeds from the offering, together with cash on hand,…
IP-based communications solutions provider Level 3 Communications plans to offer US$500m senior unsecured notes due 2023 and carrying a fixed rate interest to qualified institutional investors.
Proceeds from the offering, together with cash on hand, will be used to redeem all US$500m 9.375% senior notes due 2019, the company said in a statement.
Colorado-based Level 3 owns networks and data centres in more than 60 countries as well as global subsea networks. It provides local, national and global communications services to enterprise, government and carrier customers.
In October last year, the company completed its merger with TW Telecom to create a B2B operator with a total enterprise value of US$25bn. Level 3 agreed to buy TW in June for US$5.7bn in cash and stock, and to assume the target’s US$1.6bn debt pile.
Level 3 most recently visited the debt market in November when it raised US$600m in a bond offering. Proceeds went towards redeeming US$605.2m worth of 11.875% senior notes due 2019.
