Level 3 Announces Refinancing of $815M Term Loan

Level 3 Communications LVLT today announced that its subsidiary, Level 3 Financing, Inc., has successfully completed the refinancing of its senior secured Tranche B 2019 Term Loan. The $815 million Tranche B-III 2019 Term Loan will bear interest at LIBOR plus 3.00 percent, with a minimum LIBOR of 1.00 percent, and will mature on Aug. 1, 2019. The term loan is being priced to lenders at par. The previous Tranche B 2019 Term Loan had an interest rate of LIBOR plus 3.75 percent, with a minimum LIBOR of 1.50 percent and matured on Aug. 1, 2019. With the reduction in interest rates as a result of this transaction, the company expects to save approximately $10 million of cash interest expense on an annualized basis. As a result of the transaction, the company expects to incur a loss on the refinancing of $9 million and approximately $0.04 per share in the third quarter 2013. The closing of the refinancing transaction was completed on Aug. 12, 2013, subject to execution of definitive documentation and customary closing conditions. About Level 3 Communications Level 3 Communications, Inc. LVLT is a Fortune 500 company that provides local, national and global communications services to enterprise, government and carrier customers. Level 3's comprehensive portfolio of secure, managed solutions includes fiber and infrastructure solutions; IP-based voice and data communications; wide-area Ethernet services; video and content distribution; data center and cloud-based solutions. Level 3 serves customers in more than 500 markets in 55 countries over a global services platform anchored by owned fiber networks on three continents and connected by extensive undersea facilities. For more information, please visit www.level3.com or get to know us on Twitter, Facebook and LinkedIn. © Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications, Level (3) and the Level 3 Logo are either registered service marks or service marks of Level 3 Communications, LLC and/or one of its Affiliates in the United States and/or other countries. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners. Level 3 services are provided by subsidiaries of Level 3 Communications, Inc. Website Access to Company Information Level 3 maintains a corporate website at www.level3.com, and you can find additional information about the company through the Investors pages on that website at http://investors.level3.com/. Level 3 uses its website as a channel of distribution of important information about the company. Level 3 routinely posts financial and other important information regarding the company and its business, financial condition and operations on the Investor Relations web pages. Visitors to the Investors Relations web pages can view and print copies of Level 3's SEC filings, including periodic and current reports on Forms 10-K, 10-Q, 8-K, as soon as reasonably practicable after those filings are made with the SEC. Copies of the charters for each of the Audit, Compensation and Nominating and Governance committees of Level 3's Board of Directors, its Corporate Governance Guidelines, Code of Ethics, press releases and analysts and investor conference presentations are all available through the Investor Relations web pages. Please note that the information contained on any of Level 3's web sites is not incorporated by reference in, or considered to be a part of, any document unless expressly incorporated by reference in that document.