Broomfield, Colo.-based Level 3 Communications announced earlier this week that it had closed its $175 million debt offering.
Level 3 offered 6.5 percent convertible senior notes that are set to mature on Oct. 1, 2016. The notes are converted into Level 3’s common stock at an initial price of $1.235 a share.
Level 3 said it would use the proceeds for capital expenditures and the redemption or possible repurchase of 5.25 percent convertible senior notes that are due next year.
Level 3 offers a wide range of metro and long-haul services, including transport, data, Internet, content delivery and voice.