Level 3 Communications Commences Exchange Offer for Outstanding Senior Discount Note Offering
No Additional Proceeds to Be Raised by Exchange Offer
April 20, 1999 06:30 PM
OMAHA, Neb., April 20 /PRNewswire/ -- Level 3 Communications, Inc. LVLT today announced that it has commenced its offer to exchange all of its currently outstanding 10 1/2% Senior Discount Notes due 2008 that were privately placed in December 1998 with a new issue of 10 1/2% Senior Discount Notes due 2008 that has been registered with the Securities and Exchange Commission. The exchange offer will expire on May 20, 1999 at 5 p.m. EDT unless extended by the company. No additional proceeds will be raised in connection with the exchange offer.
Information about the exchange offer may be obtained from the company's exchange agent, IBJ Whitehall Bank & Trust Company, at One State Street New York, New York 10004.
About Level 3 Communications
Level 3 Communications, Inc., is a communications and information services company that is building the first international network optimized for Internet Protocol technology. The Level 3 network combines local and long distance networks, connecting customers end to end across the U.S. and in Europe and Asia. The company expects to complete the U.S. intercity portion of the network during the first quarter of 2001. In the interim, Level 3 has leased a national network over which it began to offer services in the third quarter of 1998. Level 3 will provide a full range of communications services, including local, long distance, international and Internet services. Level 3's common stock is traded on The Nasdaq National Market (U.S.) under the symbol LVLT. Its World Wide Web address is www.Level3.com.
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 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.
SOURCE Level 3 Communications, Inc.
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