By Devika Patel
Knoxville, Tenn., Oct. 2 - Level 3 Communications, Inc. will sell $275 million of 7% series B convertible senior notes due 2015 in a registered direct offering, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The deal priced on Oct. 1.
The notes will be convertible into common shares at an initial conversion price of $1.80 per share, which is equivalent to a conversion rate of 555.5556 shares per $1,000 of notes. The terms are substantially the same as those of the company's 7% convertible senior notes due 2015 issued in June.
Proceeds will be used for general corporate purposes, including debt repayment.
Level 3 is a Broomfield, Colo.-based provider of internet protocol services, broadband transport and infrastructure services, collocation services and voice-over internet protocol services.
| Issuer: | Level 3 Communications, Inc.
|
| Issue: | Series B convertible senior notes
|
| Amount: | $275 million
|
| Maturity: | March 15, 2015
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $1.80
|
| Conversion ratio: | 555.5556 shares per $1,000 of notes
|
| Warrants: | No
|
| Pricing date: | Oct. 1
|
| Stock symbol: | Nasdaq: LVLT
|
| Stock price: | $1.28 at close Oct. 1
|
| Market capitalization: | $2.09 billion
|
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