Level 3 Communications Inc. (NASDAQ: LVLT) is back again in the capital markets.  Once a seller, always a seller.  The company will offer $300 million in eight-year maturity notes, pushing out its maturity scale as it seeks to redeem is 5.25% notes due in 2011.

After the sale, the company ‘confirmed its previous fourth quarter expectations’ with Core Network Services revenue and Consolidated Adjusted EBITDA to i
ncrease sequentially in the fourth quarter.  It also expects to be free cash flow positive for the fourth quarter 2010.

Just last week came insider sale registrations.  Level 3 has also found itself in the middle of the Net Neutrality fight with Comcast Corporation (NASDAQ: CMCSA) after it signed a streaming download distribution pact with Netflix, Inc. (NASDAQ: NFLX).

Shares closed Monday at $1.11 and the 52-week range is $0.95 to $1.77.  The stock is actually indicated up more than 3% at $1.15 in pre-market indications.

JON C. OGG