Level 3 Communications

Level 3 Announces Extension of Euro Note Exchange Offer

BROOMFIELD, Colo. (ots-PRNewswire) - Level 3 Communications, Inc. (Nasdaq: LVLT) announced today that it has extended 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 (collectively, the "Original Euro Notes") to 5 p.m., New York City time, on July 25, 2000, unless further extended. The extension has been made to allow holders of Original Euro Notes who have not yet tendered their Original Euro Notes to do so. As of the close of business on July 18, 2000, approximately 492 million Euros in aggregate principal amount of 10 3/4% Senior Notes due 2008 and approximately 287 million Euros in aggregate principal amount of 11 1/4% Senior Discount Notes due 2010 had been validly tendered for exchange (without guarantees) and not withdrawn. 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, 720-888-2517, or Steve Ingish, 720-888-2521, or investors, Robin Miller, 720-888-2500, all of Level 3 Communications, Inc. Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990721/LVLTLOGO PRN Photo Desk, 888-776-6555 or 201-369-3467 Web site: http://www.level3.com Original-Content von: Level 3 Communications, übermittelt durch news aktuell

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