Level 3 issues stock in exchange for $108.21 million of convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 15 - Level 3 Communications, Inc. said it issued 31,719,644 shares of common stock in exchange for $4.21 million of its 2.875% convertible senior notes due 2010, $47.20 million of its 10% convertible senior notes due 2011, $15.20 million of its 5.25% convertible senior notes due 2011 and $9.03 million of its 3.5% convertible senior notes due 2012.

The exchange agreement was reached on Oct. 8 with an institutional holder, and Level 3 also paid $2.47 million of accrued interest, according to an 8-K filing with the Securities and Exchange Commission.

Similarly, the company reached two exchange agreements with institutional holders on Monday under which it issued 10,125,283 shares in exchange for $17.57 million of its 6% convertible subordinated notes due 2009. The investors received $84,931 in accrued interest.

And on Tuesday, the company reached three exchange agreements with institutional holders under which it plans to issue 5,776,398 shares in exchange for $15 million of its 2.78% convertible senior notes due 2010. These investors will receive $114,000 of accrued interest.

Level 3 is a Broomfield, Colo.-based provider of internet protocol services, broadband transport and infrastructure services, collocation services and voice and voice-over-internet-protocol services.

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