Level 3 Announces Refinancing of $595.5 Million Tranche B 2016 Term Loan

   Level 3 Announces Refinancing of $595.5 Million Tranche B 2016 Term Loan

PR Newswire

BROOMFIELD, Colo., Aug. 16, 2013

BROOMFIELD, Colo., Aug. 16, 2013 /PRNewswire/ -- Level 3 Communications, Inc.
(NYSE: LVLT) today announced that its subsidiary, Level 3 Financing, Inc., has
successfully completed the marketing of the refinancing of its senior secured
Tranche B 2016 Term Loan, which follows the successful refinancing of its $815
million Tranche B 2019 Term Loan.

(Logo: http://photos.prnewswire.com/prnh/20111004/LA77008LOGO)

The $595.5 million Tranche B 2020 Term Loan will bear interest at LIBOR plus
3.00 percent, with a minimum LIBOR of 1.00 percent, and will mature on Jan.
15, 2020. The term loan was priced to lenders at par. The Tranche B 2016 Term
Loan has an interest rate of LIBOR plus 3.25 percent, with a minimum LIBOR of
1.50 percent and a maturity date of Aug. 1, 2016. With the expected reduction
in interest rates as a result of this transaction, the company anticipates
saving approximately $4.5 million of cash interest expense on an annualized

As a result of the transaction, the company expects to incur a loss on the
refinancing of $9 million and approximately $0.04 per share in the third
quarter 2013.

The closing of the refinancing transaction is expected to be completed later
today, subject to execution of definitive documentation and customary closing

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 55 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) andthe 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/or other countries. 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.

Website Access to Company Information
Level 3 maintains a corporate website at www.level3.com, and you can find
additional information about the company through the Investors pages on that
website at http://investors.level3.com/. Level 3 uses its website as a channel
of distribution of important information about the company. Level 3 routinely
posts financial and other important information regarding the company and its
business, financial condition and operations on the Investor Relations web

Visitors to the Investors Relations web pages can view and print copies of
Level 3's SEC filings, including periodic and current reports on Forms 10-K,
10-Q, 8-K, as soon as reasonably practicable after those filings are made with
the SEC.

Copies of the charters for each of the Audit, Compensation and Nominating and
Governance committees of Level 3's Board of Directors, its Corporate
Governance Guidelines, Code of Ethics, press releases and analysts and
investor conference presentations are all available through the Investor
Relations web pages.

Please note that the information contained on any of Level 3's web sites is
not incorporated by reference in, or considered to be a part of, any document
unless expressly incorporated by reference in that document.

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 Global Crossing
acquisition or otherwise realize the anticipated benefits thereof; manage
risks associated with continued uncertainty in the global economy; 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; defend
intellectual property and proprietary rights; manage the future expansion or
adaptation of its network to remain competitive; 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.

Contact Information
Media:                     Investors:
Francie Dudrey             Mark Stoutenberg
+1 720-888-5434            +1 720-888-2518
Francie.Dudrey@Level3.com Mark.Stoutenberg@Level3.com

SOURCE Level 3 Communications, Inc.

Website: http://www.level3.com
Press spacebar to pause and continue. Press esc to stop.