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13.10.2014 18:21:57

Level 3 Announces $2 Bln Term Loan

(RTTNews) - Level 3 Communications, Inc. (LVLT) said Monday that its subsidiary, Level 3 Financing, Inc., has received commitments from lenders to increase the borrowings under its existing senior secured credit facility through the creation of a new $2 billion Tranche B 2022 term loan.

Level 3 Financing will amend and restate its existing senior secured credit facility to include the new Tranche B 2022 Term Loan, which will mature on January 31, 2022. Interest on the Tranche B 2022 Term Loan will be equal to LIBOR plus 3.5% with LIBOR set at a minimum of 1.0 percent. The Tranche B 2022 Term Loan was priced at 99.25% of par.

The net proceeds of the Tranche B 2022 Term Loan to Level 3 Financing will be used to finance the cash portion of the merger consideration payable to tw telecom inc. stockholders pursuant to the pending acquisition of tw telecom inc., and to refinance certain existing indebtedness of tw telecom inc., including fees and premiums, in connection with the closing of that acquisition.

Level 3 Financing expects the closing of the Tranche B 2022 Term Loan will take place with the closing of the pending acquisition of tw telecom inc.

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