Level 3 Announces Marketing of New Tranche B 2022 Term Loan

Level 3 Communications, Inc.

today announced that Level 3 Financing, Inc., its wholly owned subsidiary ("Level 3 Financing"), has begun the marketing of a new senior secured tranche under its existing senior secured credit facility (the "Tranche B 2022 Term Loan"). The net proceeds of the Tranche B 2022 Term Loan to Level 3 Financing will be used to finance the cash portion of the merger consideration payable to tw telecom inc. stockholders pursuant to the pending acquisition of tw telecom inc. and to refinance certain existing indebtedness of tw telecom inc., including fees and premiums, in connection with the closing of that acquisition. Level 3 Financing expects the closing of the new Tranche B 2022 Term Loan will take place with the closing of the pending acquisition of tw telecom inc., subject to the execution of definitive documents and customary closing conditions.