Level 3 Communications
said Thursday that it received a $400 million incremental loan through an expansion of its existing credit facility.
The Broomfield, Colo., bandwidth merchant said the seven-year loan increases the total amount of its senior secured credit facility to about $1.78 billion from $1.38 billion.
Morgan Stanley Dean Witter
arranged the loan, Level 3 said.
Networking and telecom companies have lately run into some cash flow problems amid the downturn in debt and equity markets, as well as the slowdown in telecom spending, which has
hit a slew of networking gear suppliers like
recently wrote a story exploring Level 3's
Shares of Level 3 closed Wednesday at $15.50 on the
sharply off the 52-week high of $115.25.