-
Level 3 Will Sell Stock, Debt to Raise More Cash
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.
About Rich Miller
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.
RESOURCE LINKS:
Building A Cloud-Savvy Model for TCO and ROI
How Storage is Shaping The Cloud Data Center
Bringing Colo to the Customer: Modular Gets Local
Microsoft’s $1 Billion Data Center
May 30th, 2006