US enterprise operator Level 3 Communications has announced plans to offer a US$600m bond as it looks to refinance debt.
The senior unsecured notes will mature in eight years and carry a fixed interest rate, which has not been disclosed.
Level 3 will…
US enterprise operator Level 3 Communications has announced plans to offer a US$600m bond as it looks to refinance debt.
The senior unsecured notes will mature in eight years and carry a fixed interest rate, which has not been disclosed.
Level 3 will use the proceeds, and cash on hand, to redeem its 11.875% senior notes due 2019.
The company did not disclose which banks it had mandated for the transaction. In the past, it has often worked with Citigroup and BofA Merrill Lynch.
The issuance will be Level 3’s first offering since it closed its merger with fellow ISP TW Telecom at the end of October.
As part of that deal, it moved to refinance TW’s bonds. In total, it plans to buy back US$832m of the notes.
The combined Level 3/TW Telecom business has more than 200,000 route miles of fibre around the world, 33,000 miles of which are undersea. It services more than 50,000 customers across 60 countries around the world and connects 30,000 buildings across the US.
