Level 3 prices bonds with 10 percent interest
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.