Level 3 is raising money. It just went to the bond market to borrow $650 million at 9.25 percent interest, a sum that's in addition to another bond offering back in October. A lot of the cash (though the company doesn't say exactly how much) is going to pay off 10.75 percent loans--not unlike paying off a higher-interest credit card with a lower-interest one. The rest of the money will go to build networks or acquire other ones.

For more information about the Level 3 bonds:
- read this article [1] in The Hosting News

Related Articles:
Level 3 powers EarthLink consumer VoIP. Report [2]
Level 3 acquiring ICG for $163M. Report [3]