Level 3 Communications is planning to raise a total of about $300 million in a sale of senior unsecured notes. The bonds, which carry a coupon rate of 11.8%, will mature on Feb. 1, 2019. The proceeds from the transaction will be used by the U.S. communications and information services provider to redeem its outstanding 5.25% convertible senior notes and for general corporate purposes. The joint book-running managers for the sale are Citi, Bank of America Merrill Lynch, Morgan Stanley and Deutsche Bank, adds Reuters.
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