Level 3 notched down another level when it traded last week at 78-79 last week in a single swap. Dealers continue to fault sector problems on the bank debt's continual slide. Buyers and sellers could not be determined by press time. "There's nothing new [on the credit]; it's all related to telecom problems. The bonds have moved around," said a dealer. Yet there may be a sign of steadying for the credit, as traders added that the levels have stayed within a range for a while. Level 3 is based on Broomfield, Colo., and operates more than 20,000 miles of intercity fiber-optic networks in the U.S. and Europe. Arthur Hodges, spokesman at Level 3, declined to comment. Sureel Choksi, cfo, was traveling and could not be reached for comment. Dealers have named the company as among the most hit by the telecom issues. "The problem with it is the distribution of services is taking too long, which is upsetting customers and affecting the bottom line," noted one. Level 3 has a $675 million deal that was signed in March. J.P. Morgan leads the deal.
Level 3 Notches Down On Sector Woes