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Level 3 Communications Inc subsidiary announces pricing of private offering of senior notes


Tuesday, 29 Jul 2014 06:23pm EDT 

Level 3 Communications Inc:Says Level 3 Escrow II, Inc., indirect, wholly owned subsidiary, has agreed to sell $1 bln aggregate principal amount of 5.375 pct Senior Notes due 2022 in private offering to qualified institutional buyers.New 5.375 pct Senior Notes due 2022 were priced to investors at 100 pct of their principal amount and will mature on Aug. 15, 2022.Gross proceeds from offering of notes will be deposited into segregated escrow account until date on which certain escrow conditions.Including, but not limited to, the substantially concurrent consummation of acquisition by Level 3 of tw telecom inc. and assumption of notes by Level 3 Financing, Inc., wholly owned subsidiary of Level 3 and direct parent company of Level 3 Escrow, are satisfied.If escrow conditions are not satisfied on or before June 15, 2015 (or any earlier date on which Level 3 determines that any of such escrow conditions cannot be satisfied), Level 3 Escrow will be required to redeem notes.Offering is expected to be completed on Aug. 12, 2014.