Level 3 Amends Tender Offers

BROOMFIELD, Colo. -- Level 3 Communications, Inc. (Nasdaq: LVLT - news) today announced that Level 3 Finance, LLC (``Level 3 Finance''), its first tier, wholly owned subsidiary, has amended the ``Modified Dutch Auction'' tender offers for a portion of Level 3 Communications, Inc.'s (``Level 3'') senior debt and convertible debt securities, which were commenced on September 10, 2001. Level 3 Finance has amended its tender offers to provide that it is now offering to purchase for cash, at prices determined by a ``Modified Dutch Auction'' procedure within the amended purchase price ranges set forth in the table below, the following amended principal amount or principal amount at maturity of Level 3's 9 1/8% Senior Notes due 2008, 10 1/2% Senior Discount Notes due 2008, 10 3/4% Senior Notes due 2008, 11 1/4% Senior Notes due 2010, 11% Senior Notes due 2008, 11 1/4% Senior Notes due 2010, 12 7/8% Senior Discount Notes due 2010, 6% Convertible Subordinated Notes due 2009 and 6% Convertible Subordinated Notes due 2010.Level 3 Communications Inc.