Level 3 Communications has increased its private offering of senior notes, announced yesterday, to US$775m. Proceeds will be used to retire all of its US$775m outstanding amount of 7% senior notes due 2020.
Level 3 Communications (NYSE: LVLT) has increased its private offering of senior notes, announced yesterday, to US$775m.
Yesterday, the US telco and ISP said it was looking to offer US$500m worth of fixed-rate senior notes due 2026 to redeem, together with cash on hand, US$500m of outstanding 2020 notes.
Shortly after, Level 3 announced it had priced at par US$775m in 5.25% senior notes, which mature on 15 March 2026. The company said in the second press release that proceeds will be used to retire all of its US$775m outstanding amount of 7% senior notes due 2020.
The offering is expected to complete on 22 March 2016.
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.