US ISP and telco Level 3 Communications has priced its previously announced US$600m bond offering, which is expected to close on 1 December 2014.
The senior unsecured notes due 2022 were priced at par, carrying a 5.75% interest rate.
Proceeds from the…
US ISP and telco Level 3 Communications has priced its previously announced US$600m bond offering, which is expected to close on 1 December 2014.
The senior unsecured notes due 2022 were priced at par, carrying a 5.75% interest rate.
Proceeds from the offering, together with cash on hand, will be used to redeem US$605.2m worth of 11.875% senior notes due 2019.
Citi, BofA Merrill Lynch, Morgan Stanley, JP Morgan, Goldman Sachs, and Jefferies advised on the transaction.
Last month, the Colorado-based 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.
Following the closing, it announced that it would refinance TW’s US$832m worth of bonds before the end of the year.
