Broomfield, Colorado – (The Hosting News) – September 12, 2006 – Internet backbone company, Level 3 Communications, has completed the sale of its wholly owned subsidiary, Software Spectrum, to information technology products and services firm, Insight Enterprises, Inc.
Software Spectrum is a reseller of business software and mobility solutions to large- and medium-sized organizations. Level 3 received total proceeds of $353 million in cash, consisting of $287 million in purchase price and approximately $66 million in a working capital adjustment. The purchase price is subject to certain post-closing adjustments.
In related news, recently, Level 3
extended its offer to exchange up to $691,717,000 in aggregate principal amount of its currently outstanding 11.50% Senior Notes due 2010, until September 12, 2006 at 5:00 p.m. EDT. The Notes were issued and sold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Original Notes”) for up to $691,717,000 in aggregate principal amount of its new 11.50% Senior Notes due 2010 that have been registered with the Securities and Exchange Commission. The extension has been made to allow holders of outstanding Original Notes who have not yet tendered their Original Notes to do so. As of the close of business on September 7, 2006, approximately $637,487,000 million in aggregate principal amount of Senior Notes had been validly tendered for exchange (without guarantees) and not withdrawn. v According to the company, this does not constitute an offer to sell or buy any security or a solicitation of any offer to buy securities. The exchange offer is being made by means of a prospectus dated August 8, 2006, filed with the Securities and Exchange Commission.
Level 3, an international communications and information services company, operates one of the largest Internet backbones in the world. Through its customers, Level 3 is the primary provider of Internet connectivity for millions of broadband subscribers. The company provides a comprehensive suite of services over its broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice services and voice over IP services.
To learn more, please visit: www.level3.com.