Level 3 swapping debt

Level 3 Commences is going to retire $450 million in debt and will replace it with new debt finaiciang. The notes to be repurchased mature in 2008 and have interest terms ranging from 9 1/8 to as high as 11 percent. Level 3 is giving note holders until November 29, 2004 to cash out. No details on where the new cash is going to come from, but you can count on one thing: company is going to be paying a lot less in interest charges.

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