Summary
1. If Sunit Patel was to leave as CFO of Level 3 Communications anytime in the foreseeable future, the results could be disastrous. 2. Patel is the master at refinancing and restructuring debt. 3. He is the guy that “pull[s] rabbits out of the hat” – essentially, Patel is responsible for making sure that Level 3 will continue to be a player.
Analysis
In this credit environment, Level 3 Communications recently looked like it was on the brink of default. CFO, Sunit Patel is the one that is “shrewd about taking advantage of what the market offers." And he will continue to be greatly needed with “shareholders expect[ing ]more deals like these in coming years.”
Patel’s reputation in financial matters preceded his stint at Level 3. He had taken on the role of treasurer at three other CLECs going back to 1994. In the January 1999 issue of Treasury and Risk Management, Patel was said to have gone “above and beyond” in a particular “treasury directed project.” At Looking Glass, he was out in front raising $200 million in seed money in less than 60 days. And according to a June 2001 issue of Crain's Chicago Business, Patel was involved in “rais[ing]...$175 million [for Looking Glass] in senior secured debt from a syndicate of banks... at a time when banks were reeling from the effects of bad telecom debt.”
