BROOMFIELD, Colo., October 12, 2006 – Level 3 Communications, Inc. (Nasdaq:LVLT) announced today that its subsidiary, Level 3 Communications, LLC, has provided an unsecured guarantee of both the Floating Rate Senior Notes due 2011 issued in March 2006 by Level 3 Financing, Inc. and the 12.25% Senior Notes due 2013 issued in March and April 2006 by Level 3 Financing, Inc.
Both Level 3 Financing, Inc. and Level 3 Communications, LLC are wholly owned subsidiaries of Level 3 Communications, Inc. Level 3 Financing, Inc. completed the sale of the Floating Rate Senior Notes due 2011 and the 12.25% Senior Notes due 2013 in private offerings to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and outside the United States under Regulation S under the Securities Act of 1933 earlier this year.
Implementing the unsecured guarantees from Level 3 Communications, LLC required the approval of Public Utility Commissions in a number of individual states, which have been obtained.
In the indentures relating to these notes, Level 3 and Level 3 Financing had agreed to endeavor, in good faith using commercially reasonable efforts, to cause Level 3 Communications, LLC to obtain all material authorizations and consents of federal and state governmental authorities required in order for it to provide these guarantees.
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.
