Level 3 plans $500M debt offering

BROOMFIELD — Telecom giant Level 3 Communications Inc. (NYSE: LVLT) said Wednesday that its subsidiary, Level 3 Financing Inc., plans to offer $500 million of senior unsecured notes that will mature in 2023.

The proceeds of the notes will be used to redeem the same amount of senior notes due in 2019.

The new offering of notes will bear interest at a fixed rate not yet determined in a proposed private offering to “qualified institutional buyers,” the Broomfield based company said in a prepared statement.

Level 3 Financing Inc.’s obligations under the notes will be fully and unconditionally guaranteed by Level 3 Communications Inc.