BROOMFIELD, Colo. (AFX) - Fiber optic network operators Level 3 Communications Inc. said Tuesday it will redeem more than $460 million in debt.
The company called for redemption of all its outstanding 9.125 percent senior notes due 2008 and its 10.5 percent senior discount notes due 2008.
The company also said it closed its previously announced offering of 125 million shares of stock and $335 million in notes. Level 3 is using a portion of the offering's proceeds to pay for its debt redemption.
Level 3 shares closed unchanged at $4.10 on the Nasdaq.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.