Banking, finance, and taxes
Level 3 Reaffirms Ahead of Offering (LVLT, CMCSA, NFLX)
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Level 3 Communications Inc. (NASDAQ: LVLT) is back again in the capital markets. Once a seller, always a seller. The company will offer $300 million in eight-year maturity notes, pushing out its maturity scale as it seeks to redeem is 5.25% notes due in 2011.
After the sale, the company ‘confirmed its previous fourth quarter expectations’ with Core Network Services revenue and Consolidated Adjusted EBITDA to increase sequentially in the fourth quarter. It also expects to be free cash flow positive for the fourth quarter 2010.
Just last week came insider sale registrations. Level 3 has also found itself in the middle of the Net Neutrality fight with Comcast Corporation (NASDAQ: CMCSA) after it signed a streaming download distribution pact with Netflix, Inc. (NASDAQ: NFLX).
Shares closed Monday at $1.11 and the 52-week range is $0.95 to $1.77. The stock is actually indicated up more than 3% at $1.15 in pre-market indications.
JON C. OGG
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