IP-based communications solutions provider Level 3 Communications is to sell US$500m senior unsecured fixed rate notes due 2023 in a private offering to qualified institutional investors.
The notes carry a 5.625% coupon and priced at par.
Proceeds…
IP-based communications solutions provider Level 3 Communications is to sell US$500m senior unsecured fixed rate notes due 2023 in a private offering to qualified institutional investors.
The notes carry a 5.625% coupon and priced at par.
Proceeds from the offering, together with cash on hand, will be used to redeem its outstanding US$500m 9.375% senior notes due 2019, the company said in a statement.
In October last year, the 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.
Level 3 most recently visited the debt market in November when it raised US$600m in a bond offering. Proceeds went towards redeeming US$605.2m worth of 11.875% senior notes due 2019.
Colorado-based Level 3 owns networks and data centres in more than 60 countries as well as global subsea networks. It provides local, national and global communications services to enterprise, government and carrier customers.
