$LVLT (Level 3 Communications, Inc.)

$LVLT {{ '2016-03-16T19:00:48+0000' | timeago}} • SEC

$LVLT's CapEx for 2016 is expected to be approx. 15% of revenue, consistent with 15% of revenue in 2015. After the refinancing activity completed in 2015, net cash interest payments are expected to decrease to approx. $520MM in 2016 based on forecasted interest rates on the company's variable rate debt outstanding as of Dec. 31, 2015.

$CTL {{ '2017-07-10T13:30:29+0000' | timeago}} • Announcement

The states of Alaska, Colorado, New York and Pennsylvania recently approved $CTL's acquisition of $LVLT. The two companies continue to expect to receive the remaining state, federal and international approvals in time to complete the merger by Sept. 30, 2017.

$CTL {{ '2017-06-01T14:44:16+0000' | timeago}} • Announcement

$CTL said that upon closing of its acquisition of $LVLT, Jeff Storey, the present CEO of Level 3 Communications, will join CenturyLink as president and COO. Storey is likely to succeed CEO Glen F Post effective Jan. 1, 2019. Then, Post will become executive chairman of the Board. The transaction is expected to be completed by Sept.  30, 2017.

$CTL {{ '2017-05-30T13:46:10+0000' | timeago}} • Announcement

The states of Minnesota and Virginia recently approved the merger of $CTL and $LVLT. The two companies continue to expect to receive the remaining state, federal and international approvals in time to complete the merger by Sept. 30, 2017.

$CTL {{ '2017-05-30T13:20:21+0000' | timeago}} • Announcement

The states of Minnesota and Virginia recently approved the merger of $CTL and $LVLT. Currently, over 15 states and territories have approved or cleared the merger. The two companies expect to receive the remaining state, federal and international approvals in time to complete the merger by Sept. 30, 2017.

$LVLT {{ '2017-05-03T23:12:56+0000' | timeago}} • Webcast

$LVLT said it has made investments to focus on major markets such as the UK, France, Germany, Benelux rather than distributing all the focus across all the different markets. $LVLT has increased its focus on enterprise customers and continues to drive capabilities for enterprise customers with less dependence on wholesale customers.

$LVLT {{ '2017-05-03T23:04:08+0000' | timeago}} • Webcast

$LVLT saw some softness in the demand environment at the beginning of 1Q17 but it grew through the quarter. By the end of 1Q17, the company saw good trends in its sales bookings and believes the demand environment is healthy.

$LVLT {{ '2017-05-03T22:55:29+0000' | timeago}} • Webcast

$LVLT stated that it believes in an open Internet and that net neutrality is good for consumers as well as for the company. At the same time, $LVLT has worked through all the issues needed with customers and other providers to make sure it has the interconnection facilities in place and to support its business model.

$LVLT {{ '2017-05-03T20:53:08+0000' | timeago}} • Announcement

For 2017, $LVLT expects adjusted EBITDA of $2.94-3.00Bil and free cash flow of $1.10-1.16Bil, excluding CenturyLink acquisition-related expenses. The company incurred $20MM of CenturyLink acquisition-related expenses in 1Q17.

$LVLT {{ '2017-05-03T20:49:14+0000' | timeago}} • Announcement

$LVLT, which agreed to merge with $CTL, reported a 26% drop in its 1Q17 earnings, hurt by the $44MM pre-tax loss on the extinguishment and modification of debt. Net income was $95MM or $0.26 per share compared with $128MM or $0.36 per share in the year ago quarter. Revenue was flat at $2.048Bil versus a year ago.

$CTL {{ '2017-04-28T17:20:25+0000' | timeago}} • Announcement

$CTL said shareholders of both companies as well as several states have already approved or cleared the company's acquisition of $LVLT. The company continues to anticipate closing the transaction by the end of 3Q17.

$CTL {{ '2017-04-28T17:19:38+0000' | timeago}} • Announcement

$CTL CEO Glen Post III announced the senior leadership team that will report to him effective at the time of closing of the company's acquisition of $LVLT. In addition, Post plans to name an EVP, chief marketing officer at a later date.

$CTL {{ '2017-04-12T14:20:41+0000' | timeago}} • Announcement

The merger of $CTL and $LVLT received approval from Delaware, Hawaii, Maryland and the District of Columbia. The merger also recently received regulatory clearance from Texas, Georgia, Ohio, Utah and West Virginia. The companies expect to receive the remaining state, federal and international approvals to complete the merger by Sept. 30, 2017.

$CTL {{ '2017-03-16T22:30:27+0000' | timeago}} • Announcement

$CTL and $LVLT said shareholders of both companies approved all proposals related to their merger. Upon closing of the deal, $LVLT stockholders will receive $26.50 per share in cash and 1.4286 shares of $CTL stock for each $LVLT share they own. $CTL shareholders will own about 51% and $LVLT stockholders will own about 49% of the combined company.

$LVLT {{ '2017-02-21T16:04:39+0000' | timeago}} • Announcement

$LVLT's subsidiary, Level 3 Financing completed the marketing of refinancing of all of its outstanding $4.6105Bil senior secured term loans through the issuance of a new Tranche B 2024 Term Loan in the amount of $4.6105Bil. The terms loans being refinanced are Tranche B-III 2019 Term Loan, Tranche B 2020 Term Loan and Tranche B-II 2022 Term Loan.

$CTL {{ '2017-02-14T16:26:40+0000' | timeago}} • Announcement

Ohio and Utah are the first states to approve the merger of $CTL and $LVLT. The merger also received regulatory clearance from the state of Nevada. The transaction is also subject to the approval of $CTL and $LVLT shareholders at special meetings scheduled for March 16, 2017. The companies expect to close the transaction by end of 3Q17.

$LVLT {{ '2017-02-09T19:59:47+0000' | timeago}} • Announcement

$LVLT announced that its wholly owned subsidiary, Level 3 Financing, Inc., has launched the marketing of the proposed refinancing of its $815MM Tranche B-III 2019 Term Loan and $1,795.5MM Tranche B 2020 Term Loan.

$LVLT {{ '2017-02-08T23:15:42+0000' | timeago}} • Webcast

$LVLT expects to drive better performance on the revenue side in 2017 compared to 2016. The sequential growth in the enterprise segment for North America was good in 4Q16 and the company’s initiatives are working through. $LVLT is pushing sales and working to keep churn down while improving the customer experience.

$LVLT {{ '2017-02-08T22:56:18+0000' | timeago}} • Webcast

$LVLT's Wholesale Voice Services and Other revenue was $98MM in 4Q16 compared to $110MM in 4Q15. IP and data services grew 1.7% while transport and fiber declined 1.6%, driven primarily by declines in private line and professional services. Voice services grew 0.3% and colocation and data services revenue declined 2.3%.

$LVLT {{ '2017-02-08T22:47:28+0000' | timeago}} • Webcast

In 4Q16, $LVLT’s CNS revenue grew 0.2% YoY on a constant currency basis. Enterprise CNS revenue excluding UK government grew 3.4%. Within CNS, revenue from large multinational enterprise customers increased 11.6%. Total wholesale CNS revenue declined 6.9% primarily due to continued consolidation-driven disconnects.

$LVLT {{ '2017-02-08T22:12:19+0000' | timeago}} • Announcement

$LVLT expects 2017 adjusted EBITDA of $2.94-3Bil, free cash flow of $1.10-1.16Bil, and capital expenditures of 16% of the total revenue. $LVLT sees GAAP interest expense of $570MM, cash interest expense of $520MM, depreciation and amortization of $1.35Bil, income tax rate of about 38% and non-cash compensation expense of $170MM.

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