Level 3 Prices $325 Million in New Bonds

Level 3 Communications has priced the offering of $325 million aggregate principal amount of its 2.875% Convertible Senior Notes due 2010 in an underwritten public offering. The underwriters (Citigroup, Credit Suisse First Boston, JPMorgan, Merrill Lynch & Co. and Morgan Stanley) also have an option to purchase up to an additional $48.75 million aggregate principal amount of the notes solely to cover over-allotments. Level 3 said the money would be used for working capital, capital expenditures and other general corporate purposes, including new product development, debt repurchases and acquisitions.
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