Level 3 Communications’ subsidiary, Level 3 Escrow, has raised $600 million in a sale of bonds, Reuters reports. The notes, carrying a coupon rate of 8.125%, will mature on July 1, 2019.
The senior unsecured bonds were spread over 512 basis points yielding 8.25% over the treasury. Citigroup, Bank of America Merrill Lynch, Deutsche Bank, Morgan Stanley and Credit Suisse acted as the joint book-runners for the deal.
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