Colorado-based telco Level 3 Communications has priced US$640m of 6.125% senior notes due 2021, in a private offering.
It will use the proceeds of the sale to redeem or repay its outstanding 10% senior notes due 2018.
The unsecured 6.125% paper priced…
Colorado-based telco Level 3 Communications has priced US$640m of 6.125% senior notes due 2021, in a private offering.
It will use the proceeds of the sale to redeem or repay its outstanding 10% senior notes due 2018.
The unsecured 6.125% paper priced to investors at 100% and is being issued by Level 3’s subsidiary Level 3 Financing.
Level 3 said it expects the refinancing – its fourth in the past three months – to be completed by 14 November.
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, using its existing credit agreement.
In its Q3 results published yesterday, Level 3 disclosed net debt of US$8.1bn and a net debt to adjusted EBITDA ratio of 5.2.
Level 3 offers network services across 55 countries. It owns fibre networks and undersea cables serving enterprise and government clients. It also offers wholesale services to consumer-focused operators.
