Business Services Industry
Berkshire Hathaway, Investors Swap Bonds for Level 3 Communications Stock.
Knight Ridder/Tribune Business News, June, 2003
By Greg Griffin, The Denver Post Knight Ridder/Tribune Business News
Jun. 20--Warren Buffett and several other investors took a large ownership stake in Broomfield-based Level 3 Communications on Thursday, bolstering the company's finances and showing confidence in its future.
Buffett's Berkshire Hathaway, with Longleaf Partners Funds and Legg Mason Inc., agreed to exchange $457 million in Level 3 debt for stock worth nearly $1.2 billion.
Level 3 issued the group 161 million shares, including an extra 27 million to "induce the conversion of the notes at this time." The bonds could have been converted anytime before their 2012 maturity.
The investors now own 33 percent of Level 3's outstanding shares; Berkshire Hathaway's...
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