IP-based communications solutions provider Level 3 Communications has undertaken its fourth refinancing transaction in the past three months, issuing US$640m of 6.125% 8-year senior notes in a private offering.
The unsecured notes priced at par and are…
IP-based communications solutions provider Level 3 Communications has undertaken its fourth refinancing transaction in the past three months, issuing US$640m of 6.125% 8-year senior notes in a private offering.
The unsecured notes priced at par and are being issued via subsidiary Level 3 Financing. The transaction is expected to be completed by 14 November.
Proceeds are to be used to redeem or repay the company’s outstanding 10% senior notes due 2018.
Level 3 last tapped the capital markets in September when it refinanced a US$1.2bn senior secured loan, pushing the maturity out to 2020.
In August it completed the refinancing of US$1.4bn of senior secured debt by taking out senior secured term loans due in 2019 and 2020 through its existing credit agreement.
In its Q3 results published 30 October, Level 3 disclosed net debt of US$8.1bn and a net debt to adjusted EBITDA ratio of 5.2 times.
