Level 3 Communications Inc. is reportedly seeking a loan to repay a portion of its nearly $8.8 billion debt load.
Two sources with knowledge of the issue told Bloomberg that the global communications carrier is seeking up to $1.4 billion in loans to help repay an existing $1.4 billion senior secured term loan under a credit agreement maturing in March 2014. Level 3 plans to use the proceeds and cash to repay the senior secured term loan, the report said.
Colorado-based Level 3 lists pro forma debt of $8.786 billion as of June 30, 2012. Including the closing of $300 million in senior notes maturing in 2019, Level ended the month of June with $1.026 billion in cash and equivalents.
Bloomberg said several notable financial institutions are arranging the new transaction, including Bank of America Corp., Citigroup Inc., Morgan Stanley, Credit Suisse First Group AG, Deutsche Bank AG and JPMorgan Chase & Co.
Monica Martinez, a Level 3 spokeswoman, declined to comment on the Bloomberg report.
Level 3 in the most recent quarter fell short of Wall Street’s expectations. However, the company anticipates sequential growth in the second half of the year.
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September 24 2018 @ 18:15:10 UTC