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Technology Stocks : (LVLT) - Level 3 Communications -- Ignore unavailable to you. Want to Upgrade?

To: zj who wrote (197)	3/5/1998 8:58:00 AM
From: David Klein	Read Replies (1) \| Respond to of 3873

TO ALL...Thursday March 5, 8:05 am Eastern Time Company Press Release SOURCE: Level 3 Communications, Inc. IRS Approves Tax-Free Status of Separation of Level 3 Communications From Peter Kiewit Sons', Inc. Construction Business OMAHA, Neb., March 5 /PRNewswire/ -- Level 3 Communications, Inc. today announced that its parent company, Peter Kiewit Sons', Inc. (PKS) has received a ruling from the Internal Revenue Service (IRS) that the proposed stock exchange resulting from the separation of PKS' construction and diversified businesses will be tax-free for U. S. federal income tax purposes for both stockholders and the company. The company will also receive an opinion from its tax counsel that the proposed distribution of Class R Stock by the company to Class C Stockholders will also be tax-free. Accordingly, the company expects to make the exchange and complete the separation of the businesses on March 31, 1998. The exchange will not affect outstanding Class D Stock, the value of which is linked to the operations of Level 3 Communications (formerly known as Kiewit Diversified Group). Each holder of Class D Stock will retain all Class D Stock held prior to the exchange, and after the exchange, Class D Stock will automatically become the common stock of Level 3 Communications. Peter Kiewit Sons', Inc. (PKS) is a diversified corporation operating throughout North America. The company is a leader in the construction, mining, telecommunications, and energy industries. Corporate headquarters are located in Omaha, Nebraska. Level 3 Communications, Inc. is a telecommunications and information services company that has announced its plans to build and operate an advanced fiber optic network across the U.S. based on Internet protocol technology. Level 3 will focus primarily on the business market using its network to provide a full range of communications services -- including local, long distance and data transmission as well as other enhanced services and Internet access services. Plans also call for the company to expand internationally. Level 3's World Wide Web address is www.L3.com.