XML 35 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2016
Long-term debt  
Schedule of long-term debt
    The following table summarizes the Company’s long-term debt (amounts in millions):
 
Date of
 
September 30, 2016
December 31, 2015
 
Issuance/Amendment
Maturity
Interest Payments
Interest Rate
Amount
Amount
Senior Secured Term Loans:
 
 
 
 
 
 
Borrowed by Level 3 Financing, Inc.
Tranche B-III 2019 Term Loan (1)(4)
Aug 2013
Aug 2019
Quarterly
LIBOR +3.00%
$
815

$
815

Tranche B 2020 Term Loan (1)(4)
Oct 2013
Jan 2020
Quarterly
LIBOR +3.00%
1,796

1,796

Tranche B-II 2022 Term Loan (1)(4)
May 2015
May 2022
Quarterly
LIBOR +2.75%
2,000

2,000

Senior Notes:
 
 
 
 
 
 
Issued by Level 3 Financing, Inc.
Floating Rate Senior Notes due 2018 (2)(4)
Nov 2013
Jan 2018
May/Nov
6-Month LIBOR +3.50%
300

300

7% Senior Notes due 2020 (2)
Aug 2012
Jun 2020
Jun/Dec
7.000%
—

775

6.125% Senior Notes due 2021 (2)
Nov 2013
Jan 2021
Apr/Oct
6.125%
640

640

5.375% Senior Notes due 2022 (2)
Aug 2014
Aug 2022
May/Nov
5.375%
1,000

1,000

5.625% Senior Notes due 2023 (2)
Jan 2015
Feb 2023
Jun/Dec
5.625%
500

500

5.125% Senior Notes due 2023 (2)
Apr 2015
May 2023
Mar/Sept
5.125%
700

700

5.375% Senior Notes due 2025 (2)
Apr 2015
May 2025
Mar/Sept
5.375%
800

800

5.375% Senior Notes due 2024 (2)
Nov 2015
Jan 2024
Jan/Jul
5.375%
900

900

5.25% Senior Notes due 2026 (2)
Mar 2016
Mar 2026
Apr/Oct
5.250%
775

—

Issued by Level 3 Communications, Inc.
5.75% Senior Notes due 2022 (3)
Dec 2014
Dec 2022
Mar/Sept
5.750%
600

600

Capital Leases
 
 
 
 
187

199

Total Debt Obligations
 
 
 
 
11,013

11,025

Unamortized discounts
 
 
 
 
(14
)
(16
)
Unamortized debt issuance costs
 
 
 
 
(117
)
(128
)
Current portion of long-term debt
 
 
 
 
(7
)
(15
)
Total Long-Term Debt
 
 
 
 
$
10,875

$
10,866


(1) The term loans are secured obligations and guaranteed by Level 3 Communications, Inc. and Level 3 Communications, LLC and certain other subsidiaries.
(2) The notes are fully and unconditionally guaranteed on an unsubordinated unsecured basis by Level 3 Communications, Inc. and Level 3 Communications, LLC.
(3) The notes were not guaranteed by any of Level 3 Communications, Inc.'s subsidiaries.
(4) The Tranche B-III 2019 Term Loan and the Tranche B 2020 Term Loan each had an interest rate of 4.000% as of September 30, 2016 and December 31, 2015. The Tranche B-II 2022 Term Loan had an interest rate of 3.500% as of September 30, 2016 and December 31, 2015. The Floating Rate Senior Notes due 2018 had an interest rate of 4.407% as of September 30, 2016 and 4.101% as of December 31, 2015. The interest rate on the Tranche B-III 2019 Term Loan, and the Tranche B 2020 Term Loan are set with a minimum LIBOR of 1.00%, and the Tranche B-II 2022 Term Loan is set with a minimum LIBOR of 0.75%.
Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding discounts)
Long-Term Debt Maturities

Aggregate future contractual maturities of long-term debt and capital leases (excluding discounts and debt issuance costs) were as follows as of September 30, 2016 (dollars in millions):

2016 (remaining three months)
$
2

2017
7

2018
307

2019
822

2020
1,804

2021
650

Thereafter
7,421

 
$
11,013