"Level 3 Financing, Inc., has received commitments from lenders to increase the borrowings under its existing $1.4 billion senior secured credit facility through the creation of a $220 million Tranche B loan"
That quote was from the StreetInsider.com article on the Level3 announcement. The loan is reported to be used for "general corporate purposes". I'm a techie - so I had to Google what "general corporate purposes" meant. :) Apparently it means we're going to get a ton of money to do what we want with it and not tell anyone.
Rob Powell at the Telecom Ramblings blog had a pretty funny April fools post about CEO James Crowe moving his office to an undisclosed monastery deep in the Himalayas. Rob also suggests that the cash could be used for purchasing Qwest longhaul -- which makes sense to me.
Last Thursday Level3 announced some new wavelength service offerings for network protection, additional bandwidth options and performance guarantees.
Level3 has posted their Red Couch interviews, taken at SXSW last month - including one from Matt Tanase from Rackspace.
Below is a 6 month chart of LVLT from WikiInvest