Level 3 Issues Reminders Regarding 7% Convertible Senior Notes and Upcoming Dates for Noteholders

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Feb 23, 2015, 08:00 ET

BROOMFIELD, Colo., Feb. 23, 2015 /PRNewswire/ -- Level 3 Communications, Inc. (NYSE: LVLT) today issued the following reminders regarding its 7% Convertible Senior Notes due 2015 ("the Notes") to remind holders of those notes (the "Noteholder") of the upcoming maturity and conversion dates. The Notes mature on Sunday, March 15, 2015.

Pursuant to the company's notice provided to Noteholders by the Depository Trust Company ("DTC") on Dec. 2, 2014:

The Notes are convertible at any time at the option of the Noteholder on or before the close of business on the Stated Maturity date of Sunday, March 15, 2015, using the facilities and procedures of the DTC
Since the Stated Maturity date is not a business day, the last business day prior to the Stated Maturity date to use the required facilities of DTC to convert Notes in accordance with DTC's procedures is Friday, March 13, 2015; no conversion notices will be accepted after the DTC submission deadline on March 13, 2015
Pursuant to the terms of the Notes and the Indenture governing the Notes, upon conversion, whether on or before the Stated Maturity date, no cash payment representing accrued and unpaid interest will accompany the delivery of shares issuable on conversion
The Conversion Rate of the Notes remains 37.0370, which has been effective since the opening of business on Oct. 20, 2011, and equates to an estimated value of $2,003 per $1,000 Note based on the company's closing stock price as of Feb. 20, 2015
Noteholders not exercising their right to convert will receive at maturity $1,035.00 per $1,000 Note, which is comprised of $1,000 principal amount and accrued interest of $35.00 per Note, or approximately 52% of the estimated value of the 37.037 shares per $1,000 Note issuable upon conversion using the company's [closing] common stock price as of Feb. 20, 2015
Noteholders that convert after the next interest payment record date of March 1, 2015 must accompany their conversion notice with funds equal to the interest payable at the Stated Maturity date for the conversion notice to be effective
Noteholders that convert before March 1, 2015, are not required to provide funds equal to the interest payable at the Stated Maturity date with their conversion notice
No HSR Certificate will be required to be delivered by a Noteholder seeking to effect conversion of the Notes

Questions regarding conversion dates should be directed to Level 3 investor relations at 720-888-2518 or sent to [email protected]. Questions regarding the conversion process should be directed to The Bank of New York Mellon Trust Company, National Bank at 213-630-6489.

About Level 3 Communications
Level 3 Communications, Inc. (NYSE: LVLT) is a Fortune 500 company that provides local, national and global communications services to enterprise, government and carrier customers. Level 3's comprehensive portfolio of secure, managed solutions includes fiber and infrastructure solutions; IP-based voice and data communications; wide-area Ethernet services; video and content distribution; data center and cloud-based solutions. Level 3 serves customers in more than 500 markets in over 60 countries over a global services platform anchored by owned fiber networks on three continents and connected by extensive undersea facilities. For more information, please visit www.level3.com or get to know us on Twitter, Facebook and LinkedIn.

© Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications, Level (3) and the Level 3 Logo are either registered service marks or service marks of Level 3 Communications, LLC and/or one of its Affiliates in the United States and elsewhere. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners. Level 3 services are provided by subsidiaries of Level 3 Communications, Inc.

Forward-Looking Statement
Some statements made in this press release are forward-looking in nature and 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 Level 3's control, which could cause actual events to differ materially from those expressed or implied by the statements. Important factors that could prevent Level 3 from achieving its stated goals include, but are not limited to, the company's ability to: successfully integrate the tw telecom acquisition; manage risks associated with continued uncertainty in the global economy; increase revenue from its services to realize its targets for financial and operating performance; maintain and increase traffic on its network; develop and maintain effective business support systems; manage system and network failures or disruptions; avert the breach of its network and computer system security measures; develop new services that meet customer demands and generate acceptable margins; manage the future expansion or adaptation of its network to remain competitive; defend intellectual property and proprietary rights; manage continued or accelerated decreases in market pricing for communications services; obtain capacity for its network from other providers and interconnect its network with other networks on favorable terms; attract and retain qualified management and other personnel; successfully integrate future acquisitions; effectively manage political, legal, regulatory, foreign currency and other risks it is exposed to due to its substantial international operations; mitigate its exposure to contingent liabilities; and meet all of the terms and conditions of its 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.