Level 3 Will Sell Stock, Debt to Raise More Cash

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Fiber optic network operator Level 3 Communications Inc. (LVLT) will sell 125 million shares of stock and $150 million of convertible debt to the public, the company said today. After the announcement, Level 3 shares were trading at 4.89 a share, placing the estimated value of the stock sale at around $611 million dollars. That would provide plenty of funding to continue the company’s recent buying spree, which has seen it acquire ICG Communications, Telcove and WilTel.

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Rich Miller is the founder and editor-in-chief of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.