Level 3 Communications

Level 3 Communications Commences Two Exchange Offers
Offers Relate to Outstanding Dollar Denominated Senior Notes
And Senior Discount Notes and Outstanding Euro Denominated Senior Notes

Broomfield, Colorado (ots-PRNewswire) - No additional proceeds to be raised by exchange offers. Level 3 Communications, Inc. (Nasdaq: LVLT) today announced that it has commenced its offer to exchange all of its currently outstanding US dollar denominated 11% Senior Notes due 2008, 11 1/4% Senior Notes due 2010 and 12 7/8% Senior Discount Notes due 2010 that were privately placed in March 2000 with a new issue of 11% Senior Notes due 2008, 11 1/4% Senior Notes due 2010 and 12 7/8% Senior Discount Notes due 2010, respectively, each of which has been registered with the Securities and Exchange Commission. The US dollar denominated exchange offer will expire on July 12, 2000 at 5 p.m. EDT unless extended by the company. No additional proceeds will be raised in connection with this exchange offer. Level 3 also announced that it has commenced its offer to exchange all of its currently outstanding euro denominated 10 3/4% Senior Notes due 2008 and 11 1/4% Senior Notes due 2010 that were privately placed in March 2000 with a new issue of 10 3/4% Senior Notes due 2008 and 11 1/4% Senior Notes due 2010, respectively, each of which has been registered with the Securities and Exchange Commission. The euro denominated exchange offer will expire on July 12, 2000 at 5 p.m. EDT unless extended by the company. No additional proceeds will be raised in connection with this exchange offer. About Level 3 Communications Level 3 (Nasdaq: LVLT) is a communications and information services company offering a wide selection of IP-based services including broadband transport, colocation services, submarine transmission services and the industry's first Softswitch* based services. Level 3 offers services primarily to Web-centric companies, which deliver their services over the Level 3 Network. The Level 3 Network will include metropolitan networks in 56 U.S. markets and 21 international markets, with 6.5 million square feet of Gateway and technical space. These metropolitan networks will be interconnected by intercity networks in the U.S. (approximately 16,000 miles) and Europe (approximately 4,750 miles), and high capacity undersea cable systems connecting the continents. Level 3 expects to substantially complete the U.S. and first two rings of the European intercity network during the fourth quarter of 2000. Level 3 currently offers broadband infrastructure services in 30 U.S. markets and five European markets. Its Web address is www.Level3.com. (*Softswitches are advanced software based switching systems that enable Level 3 to provide services combining the best features of the Internet and traditional telephone networks.) Some of the statements made by Level 3 in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: substantial capital requirements, development of effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; technology; the number and size of competitors in its markets; law and regulatory policy; and the mix of products and services offered in the company's target markets. Additional information concerning these and other important factors can be found within Level 3's filings with the Securities and Exchange Commission. Statements in this release should be evaluated in light of these important factors. ots Original Text Service: Level 3 Communications, Inc. Internet: http://recherche.newsaktuell.de Contact: media, Josh Howell, Fo.: (USA) 720-888-2517, or Paul Lonnegren, Fon: (USA) 720-888-6099, or investors, Robin Miller, Fpon: (USA) 720-888-2500, all of Level 3 Communications Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990721/LVLTLOGO PRN Photo Desk, (USA) 888-776-6555 or (USA) 201-369-3467 Web site: http://www.level3.com Original-Content von: Level 3 Communications, übermittelt durch news aktuell

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