Level 3 Completes Redemption of 6.5% Convertible Senior Notes Due 2016

Level 3 Communications, Inc. (NYSE: LVLT) today announced that as of Dec. 24, 2013, the holders of its 6.5% Convertible Senior Notes due 2016 (the “6.5% Notes”) converted approximately $200,335,000 aggregate principal amount into 10,814,264 shares of Level 3 common stock. Holders received 53.9811 shares of Level 3 common stock (which is equivalent to a conversion price of approximately $18.525 per share) for each $1,000 of the 6.5% Notes that were converted to Level 3 common stock. No accrued and unpaid interest was payable upon conversion of the 6.5% Notes.

The remaining $915,000 of the 6.5% Notes were redeemed at 100 percent of their principal amount plus accrued but unpaid interest up to but excluding Dec. 26, 2013.

About Level 3 Communications
Level 3 Communications, Inc. (NYSE: LVLT) is a Fortune 500 company that provides local, national and global communications services to enterprise, government and carrier customers. Level 3’s comprehensive portfolio of secure, managed solutions includes fiber and infrastructure solutions; IP-based voice and data communications; wide-area Ethernet services; video and content distribution; data center and cloud-based solutions. Level 3 serves customers in more than 500 markets in 55 countries over a global services platform anchored by owned fiber networks on three continents and connected by extensive undersea facilities. For more information, please visit www.level3.com or get to know us on Twitter, Facebook and LinkedIn.

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