Oppenheimer Comments on Level 3 Communications Acquisition of Global Crossing (LVLT, GLBC)

Oppenheimer is out with its report today on Level 3 Communications LVLT, commenting on LVLT's acquisition of Global Crossing GLBC. In a note to clients, Oppenheimer writes, "Level 3 announced the acquisition of Global Crossing for 16 shares of LVLT per GLBC share. In our view, the transaction is long overdue, and will allow the company to delever and address sizable debt maturities coming due in 2014. We raised our rating on LVLT to Perform as a result yesterday and see upside from higher than expected free cash flow growth primarily in 2013 and beyond." At the time of posting, shares of LVLT were trading pre-market at $1.73, up 1.76% from Monday's close. Shares of GLBC were trading pre-market at $25.58, up 2.44% from Monday's close.