Level 3 Communications
backed second-quarter financial guidance and said will sell $250 million of convertible bonds through underwriters led by
The company said it was affirming the guidance it gave in its first-quarter earnings release, "although certain line item components of its consolidated guidance numbers may be different from what was presented in Level 3's first quarter 2003 earnings press release."
The company said at the time it expected total revenue of $945 million, including $425 million from the communications business, $500 million from information services and $20 million from other businesses. Analysts polled by Thomson First Call were predicting total revenue of $938 million and a loss of 58 cents a share.
Proceeds from the convertible senior notes due 2010 will be used for working capital, capital expenditures and general corporate purposes including new product development, debt repurchases and acquisitions.
The shares closed at 4 p.m. EDT at $6.66, down 8 cents or 1.2%.