Level 3 Snags Buccaneers Contract, Seeks Refinancing

September 26th, 2013 by · 5 Comments

Two bits of news for Level 3 Communications (NYSE:LVLT, news, filings) this week: a high profile contract in the sports vertical and yet another big refinancing.

Level 3 picked up a contract today with the NFL’s Tampa Bay Buccaneers.  It’s a multi-year agreement that will bring Level 3 connectivity to both Raymond James Stadium and the club’s headquarters at One Buccaneer Place.  The new fiber connectivity and internet access will give them bigger pipes than the team has ever had.  Stadium connectivity has been getting more and more attention as smartphones proliferate in the crowds bring both demand and opportunity.

Meanwhile, Level 3 has formally announced the proposed refinancing of its $1.2B senior secured tranche B-II 2019 term loan.  They’ve been said to be working on this for at least a month, i.e. since the similar big refinancings they pulled of back in August.  This time the company expects to price the refinancing tomorrow and close next week.  Good to know Verizon didn’t suck *all* the air out of the debt markets.




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Categories: Financials · Internet Backbones

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