Add
LVLT to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| LVLT > SEC Filings for LVLT > Form 8-K on 6-Aug-2012 | All Recent SEC Filings |
6-Aug-2012
Creation of a Direct Financial Obligation or an Obligation under an Of
On August 1, 2012, Level 3 Communications, Inc. ("Level 3") entered into an indenture (the "Indenture") with The Bank of New York Mellon Trust Company, N.A., as trustee, in connection with Level 3's issuance of $300,000,000 in aggregate principal amount of its 8.875% Senior Notes due 2019 (the "8.875% Senior Notes"). The net proceeds from the offering of the 8.875% Senior Notes will be used for general corporate purposes, including the potential repurchase, redemption, repayment or refinancing of Level 3's and its subsidiaries' existing indebtedness from time to time.
The 8.875% Senior Notes are senior unsecured obligations of Level 3, ranking
equal in right of payment with all other senior unsecured obligations of Level
3. The 8.875% Senior Notes will mature on June 1, 2019. Interest on the 8.875%
Senior Notes will be payable on June 1 and December 1 of each year, beginning on
December 1, 2012.
The 8.875% Senior Notes will be subject to redemption at the option of Level 3, in whole or in part, at any time or from time to time, upon not less than 30 nor more than 60 days' prior notice, (i) prior to June 1, 2015, at 100% of the principal amount of 8.875% Senior Notes so redeemed plus (A) the applicable make-whole premium set forth in the Indenture, as of the redemption date and (B) accrued and unpaid interest thereon (if any) up to, but not including, the redemption date, and (ii) on and after June 1, 2015, at the redemption prices set forth below (expressed as a percentage of principal amount), plus accrued and unpaid interest thereon (if any) up to, but not including the redemption date. The redemption price for the 8.875% Senior Notes if redeemed during the twelve months beginning (i) June 1, 2015 is 104.438%, (ii) June 1, 2016 is 102.219% and (iii) June 1, 2017 and thereafter is 100.000%.
At any time or from time to time on or prior to June 1, 2015, Level 3 may redeem up to 35% of the original aggregate principal amount of the 8.875% Senior Notes at a redemption price equal to 108.875% of the principal amount of the 8.875% Senior Notes so redeemed, plus accrued and unpaid interest thereon (if any) up to, but not including the redemption date, with the net cash proceeds contributed to the capital of Level 3 from one or more private placements of Level 3 or underwritten public offerings of common stock of Level 3 resulting, in each case, in gross proceeds of at least $100 million in the aggregate. However, at least 65% of the original aggregate principal amount of the 8.875% Senior Notes must remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 90 days following such private placement or public offering upon not less than 30 nor more than 60 days' prior notice.
The offering of the 8.875% Senior Notes has not been registered under the Securities Act of 1933, as amended, and the 8.875% Senior Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The 8.875% Senior Notes were sold to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended, and non-U.S. persons outside the United States under Regulation S under the Securities Act of 1933, as amended.
On August 1, 2012, Level 3 and the initial purchasers of the 8.875% Senior Notes entered into a registration rights agreement (the "Registration Agreement") regarding the 8.875% Senior Notes pursuant to which Level 3 agreed, among other things, to file an exchange offer registration statement with the Securities and Exchange Commission.
The Indenture is filed as Exhibit 4.1 to this Form 8-K and incorporated herein by reference. The descriptions of the material terms of that indenture are qualified in their entirety by reference to such exhibit.
The Registration Agreement is filed as Exhibit 4.2 to this Form 8-K and incorporated herein by reference. The descriptions of the material terms of the Registration Agreement are qualified in their entirety by reference to such exhibit.
On August 1, 2012, Level 3 issued a press release relating to the closing of its private offering of $300 million aggregate principal amount of the 8.875% Senior Notes.
That press release is filed as Exhibit 99.1 to this Current Report and is incorporated herein by reference as if set forth in full.
(a) Financial Statements of Business Acquired
None
(b) Pro Forma Financial Information
None
(c) Shell Company Transactions
None
(d) Exhibits
4.1 Indenture, dated as of August 1, 2012, between Level 3 Communications, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to the 8.875% Senior Notes due 2019 of Level 3 Communications, Inc.
4.2 Registration Agreement, dated as of August 1, 2012, among Level 3 Communications, Inc. and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., and J. P. Morgan Securities LLC, relating to Level 3 Communications, Inc.'s 8.875% Senior Notes due 2019.
99.1 Press Release, dated August 1, 2012, relating to the closing of Level 3 Communications, Inc.'s private offering of 8.875% Senior Notes due 2019.
|
|