Level 3 Launches Tranche B II and Tranche B III Term Loan Refinancings and Releases Statement Confirming Guidance

Level 3 Communications, LVLT today announced that its wholly owned subsidiary, Level 3 Financing, Inc., is currently seeking to refinance its existing Tranche B II Term Loan and Tranche B III Term Loan under its existing senior secured credit facility that were initially borrowed in late 2011 with a new senior secured term loan. In connection with those refinancings, the following statement can be attributed to the company: "The company is confirming the relevant information contained in the Business Outlook section of the Second Quarter 2012 earnings release dated July 25, 2012." About Level 3 Communications Level 3 Communications, Inc. LVLT 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 450 markets in 45 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 © Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications, Level (3) and the Level 3 Logo either registered service marks or service marks of Level 3 Communications, LLC and/or one of its Affiliates in the United States and/or other countries. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners. Level 3 services are provided by subsidiaries of Level 3 Communications, Inc.