Level 3 wins $265 million

Level 3 Communications said it has improved its financial position by $265 million through two financial transactions. The telecom carrier raised $145 million through the sale of 4.26 million shares of Commonwealth Telephone Enterprises. The sale excludes the underwriters' over-allotment option of 638,000 shares, and the company expects to receive the proceeds in early April. Level 3 also received a Federal income tax refund of about $120 million from the economic stimulus bill legislation that kicked in this year that allowed the company to carry its taxable net operating losses back five years. The Broomfield, Colo.-based company owns Commonwealth shares through its wholly owned subsidiary Eldorado Equity Holdings. Level 3 announced in February that Commonwealth said in a filing with the Securities and Exchange Commission that Level 3 was considering the sale of 2.75 million shares of Commonwealth stock plus an additional over-allotment option of 412,500 shares.