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Level 3 Communications Prices Securities Offerings
BROOMFIELD, Colo. (ots-PRNewswire) - Company Offers 20 Million Shares of Common Stock at $107.88 And $750 Million Aggregate Principal Amount of Its 6% Convertible Subordinated Notes Due 2010 / Net Proceeds to Be Used to Implement Business Plan
Level 3 Communications, Inc. (Nasdaq: LVLT) today announced that it had priced the offering of an aggregate of 20 million shares of its common stock in an underwritten offering both in the United States and outside the United States at a price to the public of $107.88 per share. The company also granted to the underwriters an option, which is exercisable for a 30 day period, to purchase an additional 3 million shares of common stock solely to cover over-allotments. The offering in the United States is being made by a group of underwriters being led by Salomon Smith Barney Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, Chase H & Q, Credit Suisse First Boston Corporation, and Merrill Lynch, Pierce, Fenner & Smith Incorporated. The offering outside of the United States is being made by a group of underwriters being led by Salomon Brothers Internat ional Limited, Goldman Sachs International, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International Limited, Credit Suisse First Boston (Europe) Limited, Merrill Lynch International, Chase H & Q, Credit Lyonnais Securities, Kleinwort Benson Limited and Societe Generale. Salomon Smith Barney Inc. is acting as global coordinator and sole book running manager. The company expects that the offering will be completed on February 29, 2000, subject to customary closing conditions.
The company also announced that it had priced an offering of $750 million aggregate principal amount of its 6% Convertible Subordinated Notes due 2010 in an underwritten offering at a price to the public of 100% of the principal amount of the notes. The company also granted to the underwriters an option, which is exercisable for a 30 day period, to purchase up to an additional $112.5 million aggregate principal amount of Convertible Subordinated Notes due 2010 solely to cover over-allotments. The notes are convertible at any time at the option of the holder into shares of common stock of Level 3 at a conversion price of approximately $134.84 per share, subject to adjustment in certain circumstances. The offering will be made by a group of underwriters being led by Goldman, Sachs & Co., Salomon Smith Barney Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, Credit Suisse First Boston Corporation. Salomon Smith Barney is acting as global coordinator and Goldman, Sachs & Co. and Salomon Smith Barney Inc. are acting as joint book running managers. The company expects that the offering will be completed on February 29, 2000, subject to customary closing conditions.
Level 3 currently intends to use the net proceeds of these offerings for working capital, capital expenditures, acquisitions and other general corporate purposes in connection with the implementation of its business plan. Although the company evaluates potential acquisitions from time to time, the company has no agreement or understanding with any person to effect any material acquisition.
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 that 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 connected by an approximately 16,000 mile U.S. intercity (long-distance) network, an approximately 4,750 mile European intercity network and both transpacific and transatlantic undersea cables. The U.S. and first two rings of the European intercity network are expected to be substantially completed during the fourth quarter of 2000. Level 3 currently offers Internet infrastructure services in 27 U.S. cities and four European markets. Its Web address is www.Level3.com.
(* Softswitches are advanced software based switching systems, which enable Level 3 to provide services combining the best features of the Internet and traditional telephone networks.)
Forward Looking Statement
The statements made by Level 3 in this press release may be 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 its target markets. Additional information concerning these and other potential important factors can be found within Level 3's filings with the U.S. 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: News Media: Josh Howell, 720-888-2517, or Steve Ingish, 720-888-2521, or Investors: Julie Stangl, 720-888-2500, all of Level 3
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