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Level 3 Trying to Be Debt Free

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Author: Mark Payne

Level 3 (LVLT)

1/12/07

Level 3 is look good to me.  The facts are in and Level 3 is now trading in debt for
equity.  Yes, that's right!  How many companies would like to be doing that?

Well, get this Level 3 takes $490 mln of Level 3's 10% Convertible Senior Notes due 2011 for a total of approx 160.1 mln sh of LVLT's common stock, equivalent to approx 326.78 shares per $1,000 note. As a result of the exchange, co expects to reduce its 07 cash interest expense by approx $47 mln. The notes are callable by the company on May 1, 09.

With this kind of news, this stock could move just about anywhere and the estimates will probably keep going up.  Now if Level 3 could just get a few more quick deals like this and this company could be a cash flow before this year is up...okay maybe more then just a few, but still at the moment looks good to me for Level 3.


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