OREANDA-NEWS. March 15, 2016. Level 3 Communications, Inc. (NYSE: LVLT) today announced that Level 3 Financing, Inc., its wholly owned subsidiary ("Level 3 Financing"), has agreed to sell \\$775 million aggregate principal amount of its 5.25% Senior Notes due 2026 (the "Notes") in a private offering to "qualified institutional buyers", as defined in Rule 144A under the Securities Act of 1933, as amended, and non-U.S. persons outside the United States under Regulation S under the Securities Act of 1933, as amended.

The Notes were priced to investors at 100 percent of their principal amount and will mature on March 15, 2026.  Level 3 Financing's obligations under the Notes will be fully and unconditionally guaranteed on an unsecured basis by Level 3 Communications, Inc.  The net proceeds from the offering of the Notes, together with cash on hand, will be used to redeem, satisfy and discharge, defease or otherwise repay or retire all of Level 3 Financing's approximately \\$775 million outstanding aggregate principal amount of 7% Senior Notes due 2020.

The offering is expected to be completed on March 22, 2016, subject to the satisfaction or waiver of customary closing conditions.

The Notes will not be registered under the Securities Act of 1933 or any state securities laws and, unless so registered, may not be offered or sold except pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.

About Level 3 Communications
Level 3 Communications, Inc. (NYSE: 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 over 60 countries across a global services platform anchored by owned fiber networks on three continents and connected by extensive undersea facilities.

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