BROOMFIELD — Level 3 Communications Inc. (NYSE: LVLT) announced on Monday that its wholly owned subsidiary, Level 3 Financing Inc., has received commitments from lenders for $2 billion that will be used to finance the cash portion of its $5.7 billion acquisition of TW Telecom Inc.
Level 3 will amend and restate its existing senior secured credit facility to include the new loan that will mature Jan. 31, 2022.
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The money also will be used to refinance certain existing indebtedness of TW Telecom Inc., including fees and premiums, in connection with the closing of the acquisition that was announced in June.
Merrill Lynch, Pierce, Fenner & Smith Inc., Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Barclays Bank PLC, Goldman Sachs Bank USA, Jefferies Finance LLC and JP Morgan Securities LLC are acting as joint lead arrangers and joint book-running managers for the loan.
