Level 3 Financing will raise about $500 million in a sale of senior notes. The subsidiary of U.S. Internet service provider, Level 3 Communications, may use the proceeds to redeem $443 million of its outstanding 9.25% senior notes due 2014. The bonds, which carry a coupon rate of 9.37%, will be due on April 1, 2019. The joint book-running managers for the sale are Deutsche Bank, Morgan Stanley, Citi and Bank of America Merrill Lynch, adds Reuters.
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