Subsequent Events (Notes)

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

On October 29, 2015, Level 3 Financing  agreed to sell $900 million aggregate principal amount of 5.375% Senior Notes due 2024 (the "5.375% Senior Notes") in a private offering. The offering is expected to be completed on November 13, 2015, subject to the satisfaction or waiver of customary closing conditions. The 5.375% Senior Notes were priced at par and mature on January 15, 2024. The 5.375% Senior Notes will pay interest on January 15 and July 15 of each year beginning on January 15, 2016.

The net proceeds from the offering of the 5.375% Senior Notes due 2024, together with cash on hand, will be used to redeem all $900 million aggregate principal amount of Level 3 Financing, Inc.’s 8.625% Senior Notes due 2020. In the fourth quarter 2015, the Company expects to recognize a loss on modification and extinguishment of debt of approximately $55 million as a result of this transaction that will be recognized in Other Expense.