Level 3 Announces Offering of $250 Million of Convertible Senior Notes

Level 3 Communications announced a public offering of $250 million in Convertible Senior Notes due 2010. Level 3 said it will use the money for working capital, capital expenditures and other general corporate purposes, including new product development, debt repurchases and acquisitions. The company will also grant to the underwriters an option to purchase an additional $37.5 million aggregate principal amount of its Convertible Senior Notes solely to cover over-allotments.


Separately, Level 3 reaffirmed its previously issued financial guidance for Q2 and the rest of 2003.
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