tw telecom inc. -- Moody's places tw telecom's Ba3 CFR and other ratings on review down

New York, June 17, 2014 -- Moody's Investors Service has placed the Ba3 Corporate Family Rating and the Ba3-PD Probability of Default rating of tw telecom inc. (TWTC) under review for downgrade, while leaving its SGL-1 liquidity rating unchanged. At the same time, Moody's also placed the Baa3 Senior Secured and B1 Senior Unsecured ratings of TWTC's subsidiary, tw telecom holdings inc (TWTH), under review for possible downgrade. This action follows Level 3 Communications Inc.'s (Level 3, B3 review for upgrade) announcement that it will acquire TWTC in a $7.5 billion enterprise value stock-and-cash transaction that was announced on 16 June 2014. Pending normal regulatory approvals, the transaction is expected to close in the fourth quarter of 2014.

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