A technique for utilizing spare bandwidth resulting from the use of a transition-limiting code in a multi-level signaling system is disclosed. In one particular exemplary embodiment, the technique may be realized as a method for utilizing spare bandwidth resulting from the use of a transition-limiting code in a multi-level signaling system, wherein the transition-limiting code has a characteristic such that at least one signal level is periodically unused. The method comprises utilizing the at least one periodically unused signal level in a codeword that has been encoded using the transition-limiting code so as to represent additional information in the multi-level signaling system.