Level 3 closes term loan, gives 3.5% convertibles redemption notice

By E. Janene Geiss

Philadelphia, Nov. 10 - Level 3 Communications, Inc. announced late Thursday that its wholly owned subsidiary, Level 3 Financing, Inc., has closed its $550 million tranche B III term loan under its existing secured credit agreement, which was announced on Nov. 4.

The company also issued a notice that it will redeem on Dec. 10 the $274 million aggregate principal amount of Level 3 Communications' 3.5% convertible senior notes due 2012, according to a company press release.

Level 3 prepaid the $280 million tranche B term loan under the existing secured credit agreement, the company also said.

As a result, the total aggregate principal amount of the loans under the secured credit agreement is $2.6 billion, the company said.

Level 3 is a Broomfield, Colo.-based provider of fiber-based communications services.

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