US telco and ISP Level 3 Communications is looking to offer US$500m worth of fixed-rate senior notes due 2026. Proceeds from the offering, together with cash on hand, will be used to redeem US$500m of outstanding 7% senior notes due 2020.
US telco and ISP Level 3 Communications (NYSE: LVLT) is looking to offer US$500m worth of fixed-rate senior notes due 2026.
Proceeds from the offering, together with cash on hand, will be used to redeem US$500m of outstanding 7% senior notes due 2020, according to a press release. At present, the total amount outstanding is US$775m.
Level 3 owns networks and data centres in more than 60 countries and has significant global subsea networks. It provides local, national and global communications services to enterprise, government and carrier customers.
A few days ago, it announced that its CEO Jeff Storey (pictured) is taking a medical leave of absence of about two months after having surgery for a recently diagnosed heart condition.
Level 3 chief financial officer Sunit Patel (pictured) will serve as interim CEO. He has been CFO since 2003 and acted as interim president of Level 3’s EMEA region in 2014.
