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

To: Jerry Miller who wrote (475)	3/21/1998 6:21:00 PM
From: JRobinson	Read Replies (3) \| Respond to of 3873

Snippets from the Mar21 Omaha World Herald: " ..... Level 3 will not be issuing new shares as a means of raising capital" said Josh Howell, senior vice president of Level 3. However approximately 2.5 Million new Level 3 shares are expected to be issued directly to Peter Kiewit Sons stockholders in the recent month as part of the planned spinoff. Currently, Kiewit stockholders have stock conversion rights to Level3. After the spinoff, these rights will be eliminated. Instead Kiewit stockholders will be given shares in a new class of stock convertible into Level 3. Each share of the new stock will be valued at $25 worth of Level 3 stock, meaning shareholders would trade approximately 2.8 Million shares of the new stock for each share of Level 3 at the current market value. The Kiewit board has approved a plan to force the conversion of all 6.5 Million shares of the planned new stock after May. The Level 3 board of directors, which will make the final decision on the issue, anticipates forcing the conversion before June 30.