The announcement below, from three day ago, struck me as extremely bullish. That is, it shows strong enough cash position to pay off debt not due until May of 2011. I would like to find other corroboration that lvlt is presently well solvent and things are on the upswing, but haven't found anything. Comments? Other info? Best, Mark
Level 3 Announces Redemption of 10% Convertible Senior Notes Due 2011
8:00a ET April 28, 2010 (Business Wire)
Level 3 Communications, Inc. (NASDAQ: LVLT) announced today that is has issued an irrevocable notice to redeem its 10% Convertible Senior Notes due 2011 (the "10% Notes") on May 27, 2010. The aggregate principal outstanding amount of $171,800,000.00 of the 10% Notes will be redeemed at a redemption price of $1,016.70 per $1,000.00 principal amount of 10% Notes, plus accrued and unpaid interest up to, but not including, May 27, 2010. The company will use cash on hand to fund the redemption of the 10% Notes. The 10% Notes have a maturity date of May 1, 2011. |
