Level 3 Signs Dark Fiber Pacts Worth $700 Million

Level 3 Communications

(LVLT)

signed several new dark fiber services agreements in Europe and North America worth more than $700 million.

The Broomfield, Colo., communications and information services provider signed deals to provide companies, including

McLeodUSA

(MCLD)

and

XO Communications

(XOXO)

, with network infrastructure called dark fiber. The company will recognize the revenue over the course of the agreements, which generally stretch for 15 to 20 years.

The company said sales of dark fiber and associated services for the year now total more than $2 billion.

Despite an early boost this morning, Level 3 shares recently slid $2.75, or 7.9%, to $32.25 in

Nasdaq

trading.