Level 3 seeks consents for 12¼% notes

New York, Feb. 16 - Level 3 Communications, Inc. said its Level 3 Financing, Inc. subsidiary has started a consent solicitation to amend the indenture for its 12¼% senior notes due 2013.

The proposed change would allow that, on a one-time basis at any time between the date the indenture is amended and Sept. 30, 2007, Level 3 may incur debt that is permitted based upon a multiple of cash flow available for fixed charges on a pro forma basis giving effect to any acquisition, merger or consolidation that was completed prior to Feb. 1, 2007.

The calculation would be consistent with the similar provisions for Level 3's 9¼% senior notes due 2013, floating-rate senior notes due 2015 and 8¾% senior notes due 2017 except for the one-time nature of the adjustment and the limitation with respect to transactions that had been completed prior to Feb. 1, 2007.

The expiration for the solicitation is 5 p.m. ET on Feb. 23.

The Broomfield, Colo., telecommunications company is offering a $5.00 consent payment for each $1,000 principal amount of notes.

Merrill Lynch & Co. is solicitation agent (888 654-8637 or 212-449-4914).

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