LVLT/TWTC Acquistion Call Summary

Monday, June 16, 2014, after Level 3 Communications, Inc. LVLT announced it would acquire TW Telecom Inc. TWTC, the two firms hosted a joint conference call this morning to discuss the details surrounding the acquisition. With both firms excited about the deal, management from both sides discussed how this would effect future performance and the opportunities that exist with the deal. Though not too many specifics were given, management said those in-depth details would be available in the proxy statement, which is expected to be released by Q4 this year. Future Performance

• The deal would expand Level 3's scope and market by combining TW Telecom's domestic grasp in the United States with Level 3's Latin America, Canada and U.S. operations.
• The deal is expected to drive revenue, which was the primary highlight of this deal.
• With $1 billion in cash, management spoke that this liquidity would cover inital expenses that arise from the deal.
• Combining the sales force of both firms, this will help develop a stronger sales team.

Potential Opportunities

• The combination of the two firms would increase the scope and scale of market opportunity.
• The acquisition would provide instant cash to shareholders as well as provide the opportunity to get in on some upside as a result of the deal.
• With a joint sales force, management spoke how this deal would allow the sales force to better target enterprise customers.
• Management spoke how this deal would be a good investment for debt and equity investors.

TW Telecom shares were trading up 7.26 percent to 38.98, while Level 3 shares were trading down 4.92 percent to 41.92.