Data Center Knowledge

Level 3 Will Sell Stock, Debt to Raise More Cash

Posted By Rich Miller On May 30, 2006 @ 11:10 am In Level 3 | Comments Disabled

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 [1], 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 [2], Telcove [3] and WilTel [4].

About Rich Miller [5]

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.

Article printed from Data Center Knowledge: http://www.datacenterknowledge.com

URL to article: http://www.datacenterknowledge.com/archives/2006/05/30/level-3-will-sell-stock-debt-to-raise-more-cash/

URLs in this post:

[1] 4.89 a share: http://finance.yahoo.com/q?d=t&s=LVLT

[2] ICG Communications: http://www.datacenterknowledge.com/archives/2006/Apr/17/level_3_to_acquire_icg_communications.html

[3] Telcove: http://www.datacenterknowledge.com/archives/2006/May/01/citing_video_demand_level_3_buys_telcove.html

[4] WilTel: http://www.datacenterknowledge.com/archives/2005/Oct/31/level_3-wiltel_will_bandwidth_pricing_rebound.html

[5] Rich Miller: http://www.datacenterknowledge.com/archives/author/richm/

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