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Level 3 prices bonds with 10 percent interest

Wed, 01/06/2010 - 5:01am
The Associated Press

Level 3 Communications Inc. said Wednesday it has priced its new bonds at 97.982 percent of the principal with an interest rate of 10 percent.

The Internet networking services company is selling $640 million of notes maturing in 2018 in a private offering.

It plans to use the proceeds to buy back $550 million in 12.25 percent notes that come due in 2013.

The company's stock fell 2 cents to $1.63 in morning trading.

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