📅 - Telecommunications and information services company Level 3 Communications Inc. (Level3.com) said on Friday that it has amended a $1.775 credit facility in order to preserve cash while giving the company more flexibility in running its business.
Last month, the company sold $500 million in convertible bonds to a group of investors including Warren Buffet and made a $1.1 billion offer to buy Williams Communications Group. Level 3 said the changes to the credit facility will cut its size by 8 percent to $1.625 billion. The company cut an undrawn revolving credit line from $650 million to $500 million and maintained a $1.125 billion term loan. The company says the changes increase Level 3's ability to pay cash for purchases, removing two revenue-based financial covenants and modifying one cash-flow based covenant. Level 3 said it had agreed to boost annual borrowing costs by 0.5 percentage points, offered more collateral, added restrictions to the credit line and would maintain a minimum cash balance of $525 million. According to Level 3, after accounting for the $500 million in convertible notes, the company had $1.55 billion in cash at the end of the second quarter.
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