Fitch assigns BB+/RR1 to Level 3 loan

Fitch Ratings said it assigned a BB+/RR1 rating to Level 3 Financing, Inc.'s proposed senior secured term loan (tranche B 2022 term loan) under its existing senior secured credit facility.

Level 3 Financing is a wholly owned subsidiary of Level 3 Communications, Inc. The issuer default rating for both Level 3 Communications and Level 3 Financing is B+ with a positive outlook.

Level 3 Communications had about $8.4 billion of consolidated debt outstanding on June 30.

Proceeds are expected to be used to fund the cash used to fund, in part, the cash consideration of Level 3 Communications’ previously announced acquisition of tw telecom, inc. The terms of the tranche B 2022, including the security and guaranty structure are expected to be substantially similar to the existing tranche B-III 2019 term loan and the tranche B 2020 term loan.

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