Level 3 Communications

Level 3 Communications announces filing of $3.0 billion universal shelf registration statement

    Broomfield (ots-PRNewswire) - Level 3 Communications, Inc.(Nasdaq: LVLT) today announced that in order to provide the company with additional flexibility in funding its business plan, it has filed a "universal" shelf registration statement with the Securities and Exchange Commission relating to $3.0 billion of common stock, preferred stock, debt securities, warrants, stock purchase agreements and depositary shares.  Upon effectiveness of the registration statement, Level 3 may publicly offer these securities from time to time at prices and terms to be determined at the time of the offering.  When combined with the remaining availability under its existing effective universal shelf registration statement, the availability under the registration statement filed today will allow Level 3 to offer an aggregate of up to $3,156,375,000 of securities.          Level 3 currently intends to use the net proceeds of any offering of these securities for working capital, capital expenditures, acquisitions, and other general corporate purposes.  Consistent with this approach, Level 3 may use the net proceeds for additions or expansions to its currently funded business plan which may include, for example and without limitation, acquiring, leasing and constructing U.S. and international network facilities including additional or incremental collocation facilities, the evaluation, purchase and deployment of additional metropolitan network infrastructure and the expansion of land-based and undersea inter-city network facilities.          The registration statement relating to the above securities has been filed with the Securities and Exchange Commission, but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.          About Level 3 Communications          Level 3 (Nasdaq: LVLT) is a global communications and information services company offering a wide selection of IP-based services including broadband transport, collocation services, and the industry's first Softswitch based services.  Level 3 offers services primarily to communications intensive companies that deliver their services over the Level 3 Network. Its Web address is www.Level3.com.          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, +1 720-888-2517, or Steve Ingish, +1-720-888-2521, or Investors, Robin Miller, +1 720-888-2500, all of Level 3 Communications, Inc.

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PRN Photo Desk, +1 888-776-6555 or +1 201-369-3467      Web site:  http://www.level3.com

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