BROOMFIELD, Colo., Feb. 23, 2015 /PRNewswire/ -- Level 3
Communications, Inc. (NYSE: LVLT) today issued the following
reminders regarding its 7% Convertible Senior Notes due 2015 ("the
Notes") to remind holders of those notes (the "Noteholder") of the
upcoming maturity and conversion dates. The Notes mature on
Sunday, March 15, 2015.
Pursuant to the company's notice provided to Noteholders by the
Depository Trust Company ("DTC") on Dec. 2,
2014:
- The Notes are convertible at any time at the option of the
Noteholder on or before the close of business on the Stated
Maturity date of Sunday, March 15,
2015, using the facilities and procedures of the DTC
- Since the Stated Maturity date is not a business day, the last
business day prior to the Stated Maturity date to use the required
facilities of DTC to convert Notes in accordance with DTC's
procedures is Friday, March 13, 2015;
no conversion notices will be accepted after the DTC submission
deadline on March 13, 2015
- Pursuant to the terms of the Notes and the Indenture governing
the Notes, upon conversion, whether on or before the Stated
Maturity date, no cash payment representing accrued and unpaid
interest will accompany the delivery of shares issuable on
conversion
- The Conversion Rate of the Notes remains 37.0370, which has
been effective since the opening of business on Oct. 20, 2011, and equates to an estimated value
of $2,003 per $1,000 Note based on the company's closing stock
price as of Feb. 20, 2015
- Noteholders not exercising their right to convert will receive
at maturity $1,035.00 per
$1,000 Note, which is comprised of
$1,000 principal amount and accrued
interest of $35.00 per Note, or
approximately 52% of the estimated value of the 37.037 shares per
$1,000 Note issuable upon conversion
using the company's [closing] common stock price as of Feb. 20, 2015
- Noteholders that convert after the next interest payment record
date of March 1, 2015 must accompany
their conversion notice with funds equal to the interest payable at
the Stated Maturity date for the conversion notice to be
effective
- Noteholders that convert before March 1,
2015, are not required to provide funds equal to the
interest payable at the Stated Maturity date with their conversion
notice
- No HSR Certificate will be required to be delivered by a
Noteholder seeking to effect conversion of the Notes
Questions regarding conversion dates should be directed to Level
3 investor relations at 720-888-2518 or sent to
investor.relations@level3.com. Questions regarding the
conversion process should be directed to The Bank of New York
Mellon Trust Company, National Bank at 213-630-6489.
About Level 3 Communications
Level 3 Communications,
Inc. (NYSE: LVLT) is a Fortune 500 company that provides local,
national and global communications services to enterprise,
government and carrier customers. Level 3's comprehensive portfolio
of secure, managed solutions includes fiber and infrastructure
solutions; IP-based voice and data communications; wide-area
Ethernet services; video and content distribution; data center and
cloud-based solutions. Level 3 serves customers in more than 500
markets in over 60 countries over a global services platform
anchored by owned fiber networks on three continents and connected
by extensive undersea facilities. For more information, please
visit www.level3.com or get to know us on Twitter, Facebook and
LinkedIn.
© Level 3 Communications, LLC. All Rights Reserved. Level 3,
Level 3 Communications, Level (3) and the Level 3 Logo are either
registered service marks or service marks of Level 3
Communications, LLC and/or one of its Affiliates in the United States and elsewhere. Any other
service names, product names, company names or logos included
herein are the trademarks or service marks of their respective
owners. Level 3 services are provided by subsidiaries of Level 3
Communications, Inc.
Forward-Looking Statement
Some statements
made in this press release are forward-looking in nature and are
based on management's current expectations or beliefs. These
forward-looking statements are not a guarantee of performance and
are subject to a number of uncertainties and other factors, many of
which are outside Level 3's control, which could cause actual
events to differ materially from those expressed or implied by the
statements. Important factors that could prevent Level 3 from
achieving its stated goals include, but are not limited to, the
company's ability to: successfully integrate the tw telecom
acquisition; manage risks associated with continued uncertainty in
the global economy; increase revenue from its services to realize
its targets for financial and operating performance; maintain and
increase traffic on its network; develop and maintain effective
business support systems; manage system and network failures or
disruptions; avert the breach of its network and computer system
security measures; develop new services that meet customer demands
and generate acceptable margins; manage the future expansion or
adaptation of its network to remain competitive; defend
intellectual property and proprietary rights; manage continued or
accelerated decreases in market pricing for communications
services; obtain capacity for its network from other providers and
interconnect its network with other networks on favorable terms;
attract and retain qualified management and other personnel;
successfully integrate future acquisitions; effectively manage
political, legal, regulatory, foreign currency and other risks it
is exposed to due to its substantial international operations;
mitigate its exposure to contingent liabilities; and meet all of
the terms and conditions of its debt obligations. Additional
information concerning these and other important factors can be
found within Level 3's filings with the Securities and Exchange
Commission. Statements in this press release should be evaluated in
light of these important factors. Level 3 is under no obligation
to, and expressly disclaims any such obligation to, update or alter
its forward-looking statements, whether as a result of new
information, future events, or
otherwise.
Contact
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Media:
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Investors:
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Francie
Dudrey
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Mark
Stoutenberg
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+1
720-888-5434
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+1
720-888-2518
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francie.dudrey@level3.com
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mark.stoutenberg@level3.com
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SOURCE Level 3 Communications, Inc.