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Level 3 completes tender for $546.91 million in 12¼% notes due 2013
By Devika Patel
Knoxville, Tenn., Feb. 4 - Level 3 Communications, Inc. said it has completed a cash tender offer and consent solicitation for its $550 million in 12¼% senior notes due 2013.
Of the notes, $546,912,000 were validly tendered. The remaining notes will be redeemed on March 15 at a redemption price of $1,061.25.
Holders validly tendered $546,882,000 of the notes prior to 5 p.m. ET on Jan. 19, the consent deadline, and they received $1,080 per $1,000 of notes, which includes $1,050 as the tender offer consideration and $30 as a consent payment. These notes were purchased on Jan. 20.
The tender offer expired at midnight ET on Feb. 2. Holders of notes that were tendered after the consent time and prior to the expiration date will receive the tender offer consideration but will not receive the consent payment.
Accrued interest up to but excluding the applicable settlement date was paid in cash.
Level 3 Financing funded the offer with proceeds from a private debt offering and cash on hand.
The tender offer was conditional on the holders of at least a majority of the notes consenting to the amendments and on the company raising at least $640 million in its planned offering of senior notes.
Bank of America Merrill Lynch at (888 292-0070 and 646 855-3401) and Citi (800 558-3745 and 212 723-6106) were the dealer managers for the tender offer, and Global Bondholder Services Corp. (212 430-3774 and 866 389-1500) was the information agent.
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.
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