Level 3 To Sell $275M In Convertible Securities
Stock quotes in this article:
LVLT
BROOMFIELD, Colo. (AP) Level 3 Communications Inc. said Friday it will sell $275 million in convertible securities due 2015.
The provider of wholesale Internet networking services said the convertible senior notes carry an interest rate of 7 percent. The notes are convertible into Level 3 common stock at $1.80 per share, subject to adjustments, before the close of business on Mar. 15, 2015. Proceeds will be used to pay down debt and for general corporate uses. Level 3 shares fell 8 cents, or 6.2 percent, to $1.20 in morning trading.- Loading Comments...
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