Level 3 says greenshoe exercised, raising convertibles to $373.75 million

New York, July 8 - Level 3 Communications, Inc. said underwriters of its recent offering of convertible senior notes due 2010 exercised the $48.75 million over-allotment option, raising the size of the deal to $373.75 million.

The Broomfield, Colo. communications company originally sold $325 million of the convertibles after the market closed on July 1 to yield 2.875% with a 19.07% initial conversion premium. The deal was increased from $250 million.

Citigroup was bookrunner for the deal.

Proceeds will be used for working capital, capital expenditures and other general corporate purposes, including new product development, debt repurchases and acquisitions.

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