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Investing

Level 3 Registers Shares For Merrill Lynch (LVLT, MER)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Level_3_logoLevel 3 Communications Inc. (NASDAQ: LVLT) has registered shares for sale by affiliates of Merrill Lynch (NYSE: MER).  This relates to potential offers and sales by Merrill Lynch International of as many as 23 million shares of common stock.  Specifically, this is in connection with the early unwind of the bond hedge and warrant Transactions that it entered in December 2004.

All of the shares being offered and sold would be acquired byMerrill Lynch International in the secondary market to hedge itsexposure to the bond hedge and warrant transactions. None of the shares would be acquired from Level 3 itself, and these proposedoffers and sales will not increase the number of shares of Level 3’scommon stock.

In connection with the early unwind of the bond hedge and warrant transactions, Merrill Lynch International agreed to pay Level 3 anamount in cash based on the sale price of Level 3 shares onthe days on which it sells the shares.  These were in conjunction with5.25% convertible notes due in 2011 which were issued on November 17,2004.

Merrill Lynch holds over 30.47 million shares prior to this offering,and after the sale will still hold over 7.47 million shares of Level 3stock.

Jon C. Ogg
September 24, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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