BROOMFIELD, Colo., February 8, 2002 - Level 3 Communications, Inc. (Nasdaq: LVLT) today announced that Commonwealth Telephone Enterprises, Inc. (Nasdaq: CTCO) has filed a registration statement with the Securities and Exchange Commission relating to the sale of 2,750,000 shares of Common Stock of Commonwealth Telephone Enterprises (plus 412,500 additional shares of Common Stock subject to the underwriters' over-allotment option) by Eldorado Equity Holdings, Inc. in an underwritten public offering. Eldorado Equity Holdings, Inc. is an indirect, wholly owned subsidiary of Level 3. Morgan Stanley & Co. Incorporated is acting as bookrunner and lead manager for the offering with Goldman, Sachs & Co. as co-lead manager and First Union Securities, Inc., Legg Mason, Inc. and SG Cowen Securities Corporation as co-managers. A preliminary prospectus, when available, may be obtained from Morgan Stanley & Co. Incorporated.
The filing of this registration statement is consistent with Level 3's prior public statements that Level 3 would consider the possible sale of certain of its non-core assets, which include holdings in public companies such as Commonwealth Telephone Enterprises, Inc.
A registration statement relating to the above securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT), an international communications company, operates one of the largest Internet backbones in the world, connecting 180 markets in 18 countries. The company serves a broad range of wholesale, enterprise and content customers with a comprehensive suite of services including: Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice and voice over IP services, content delivery and media distribution services. These services provide the building blocks to enable Level 3’s customers to meet their growing demands for advanced communications solutions. The company’s Web address is www.Level3.com.
"Level 3 Communications,” "Level 3," the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service, product or company names recited herein may be trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements that we make in this press release are forward looking in nature. These statements 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 our control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent us from achieving our stated goals include, but are not limited to our ability to: successfully integrate acquisitions; increase the volume of traffic on our network; defend our intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of our 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.
