Level 3 Modifies Dutch Auction Tender Offer

Communications Today, Sept 26, 2001

Bandwidth network provider Level 3 Communications LVLT] said yesterday that it is reducing the size of its debt buy-back program from $1.8 billion to $1.5 billion.

Earlier this month, Level 3 said it would offer to purchase up to $1.8 billion of its almost $8 billion debt load.

The Broomfield, Colo.-based Level 3 is one of several telecom companies, including Nextel Communications NXTL] and XO Communications [XOXO], that are offering to spend cash as a means to reduce debt.

Last month, Level 3 reported a 2001 second-quarter loss of $731 million, or $1.99 per share, compared with a $281 million loss, or 77 cents a share, a year ago. >TK