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Level 3 Communications (LVLT) was up 7.9% in early trading after the company announced it will buy back up to $1.8 billion of its almost $8 billion in debt.

The fiber-optic network builder plans to buy back portions of seven dollar-denominated note issues and two euro-denominated note issues in a "modified Dutch auction," the company said. The notes mature in 2008, 2009 and 2010.

Level 3 follows a string of telcos that have moved to pare back debt, including


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