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Level 3 plans 6.5% convertible senior notes redemptionNov 26, 2013 (TELECOMWORLDWIRE via COMTEX) -- Level 3 Communications, Inc. (NYSE: LVLT) said it has notified the holders of its 6.5% convertible senior notes due 2016 that the company will be redeeming them on Dec. 26, 2013 for a redemption price equal to 100% of their principal amount, plus accrued but unpaid interest. Approximately USD201,250,000 principal amount of 6.5% notes remain outstanding. The 6.5% notes will continue to be convertible into Level 3 common stock until Dec. 24, 2013, the last trading day prior to the redemption date. For each USD1,000 principal amount of the 6.5% notes surrendered for conversion a holder will receive 53.9811 shares of Level 3 common stock (which is equivalent to a conversion price of approximately USD18.525 per share). No accrued and unpaid interest is payable upon conversion of the 6.5% Notes. The last reported sale price of Level 3's common stock on Nov. 22, 2013 was USD29.50 per share. Level 3 Communications provides local, national and global communications services to enterprise, government and carrier customers. Level 3's comprehensive portfolio of secure, managed solutions includes fibre and infrastructure solutions; IP-based voice and data communications; wide-area Ethernet services; video and content distribution; data centre and cloud-based solutions. For more information, visit www.level3.com Comments on this story may be sent to [email protected] |