Level 3 subsidiary begins consent solicitation for 12¼% notes due 2013

By Angela McDaniels

Tacoma, Wash., July 1 - Level 3 Communications, Inc. subsidiary Level 3 Financing, Inc. has begun a consent solicitation for its 12¾% senior notes due 2013, according to a company news release.

The company is seeking consents to amend the indenture to allow Level 3 Communications to incur debt that is permitted based on a multiple of cash flow available for fixed charges on a pro forma basis giving effect to any investment, acquisition, merger or consolidation.

The amendment would calculate this incurrence test in the same manner as the test is calculated under all of the other existing indentures of Level 3 Financing.

The company is offering a consent fee of $7.50 for each $1,000 principal amount of notes for which consents are received.

The consent solicitation will expire at 5 p.m. ET on July 15.

Banc of America Securities LLC (888 292-0070 or 646 855-3401) and Citigroup Global Markets Inc. (800 558-3745) are the solicitation agents.

Copies of the consent solicitation statement can be obtained from Global Bondholder Services Corp. (212 430-3774 or 866 389-1500).

Level 3 Communications provides fiber-based communications services and is based in Broomfield, Colo.

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