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.
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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.