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PI Physik Instrumente - Fast Steering LB LW 11/24

Level 3 Communications to Buy Back Debt

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BROOMFIELD, Colo., Oct 11 -- Level 3 Communications Inc. says it plans to spend up to $1.049 billion, or about a third of its available cash, to buy back up to $2.86 billion of its own debt. The company, which incurred about $8 billion of debt to build its network, disclosed the possible cash outlay on its web site. The tender could immediately save the company more than $200 million in annual interest costs. Level 3 previously said it was prepared to spend as much as $654 million in cash to buy back its debt. Its debt load exceeds its market capitalization by more than 10:1. The company,...Read full article

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    Published: October 2001
    CommunicationsNews & Features

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