Level 3 to redeem all of tw telecom’s 5 3/8%, 6 3/8% senior notes

By Tali Rackner

Norfolk, Va., Oct. 31 – Level 3 Communications, Inc. called all of tw telecom holdings, inc.'s outstanding 5 3/8% senior notes due 2022 and 6 3/8% senior notes due 2023 in connection with the closing of its acquisition of tw telecom inc., according to a press release.

The redemption will involve 35% of each series of notes in November and then the remaining 65% in December.

The company will redeem $325.5 million of the 5 3/8% notes at 105.375 and $122.5 million of the 6 3/8% notes at 106.375, plus accrued interest to the redemption date of Nov. 30.

On Dec. 2, it will redeem the remaining $604.5 million of the 5 3/8% notes and $227.5 million of the 6 3/8% notes at a make-whole price at the U.S. Treasury yield plus 50 basis points, plus accrued interest to, but excluding, the redemption date.

Level 3 is a Broomfield, Colo.-based fiber-based communications services. tw telecom is a Littleton, Colo.-based provider of managed data, internet and voice networking services to businesses and large organizations.

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