Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company transferred the listing of its common stock to the New York Stock Exchange (“NYSE”) and began trading on a reverse stock split adjusted basis on October 20, 2011 under its current ticker symbol “LVLT.”

In connection with the closing of the Amalgamation (See Note 2 - Events Associated with the Amalgamation of Global Crossing), Level 3 Financing amended its existing credit agreement to incur an additional $650 million of borrowings through an additional Tranche. The Company issued the Tranche B II Term Loan to investors at a price of 99% of its principal amount. The net discount of approximately $6.5 million will be reflected as a reduction in long-term debt and amortized as interest expense over the term of the Tranche B II Term Loan using the effective interest method. The Tranche B II Term Loan will accrue interest at 4.25% plus LIBOR, (with a LIBOR minimum of 1.5%), with interest payments due quarterly. The net proceeds from the Tranche B II Term Loan were used to consummate the Amalgamation, to refinance certain existing indebtedness of Global Crossing in connection with the consummation of the Amalgamation and for general corporate purposes.

On November 4, 2011, the Company announced the marketing of a $550 million senior secured term loan through an additional Tranche of its existing Senior Secured Term Loan due 2014 (the "Tranche B III Term Loan"). The net proceeds along with cash on hand will be used to redeem the 3.5% Convertible Senior Notes due in June 2012 and repay the $280 million Tranche B Term Loan that is outstanding under the existing Senior Secured Term Loan.