Level 3 Will Sell Stock, Debt to Raise More Cash
May 30th, 2006 By: Rich Miller
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.