Level 3 Financing’s $1.5 Billion Senior Secured Notes Offering

Cravath represented the initial purchasers in the offering. Willkie represented CenturyLink in connection with Level 3 Financing offering, its subsidiary.

Level 3 Financing, Inc. executed a $1.5 billion 144A/Reg. S senior secured notes offering, guaranteed by Level 3 Parent, LLC, an international facilities‑based communications company. The transaction closed on November 29, 2019.

BofA Securities, Citigroup, Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities acted as initial purchasers.

The Cravath team included partners Andrew J. Pitts (Picture) and Joseph D. Zavaglia, associates Benjamin G. Joseloff, James Ding, Patrick S. Taylor and Christopher M. Tierney on securities matters, and associate Joyce Y. Kim on tax matters. Kyle R. Jorstad also worked on tax matters.

Willkie team was led by partners David Boston, Laura Acker and David Tarr.

Involved fees earner: James Ding – Cravath Swaine & Moore; Benjamin Joseloff – Cravath Swaine & Moore; Joyce Kim – Cravath Swaine & Moore; Andrew Pitts – Cravath Swaine & Moore; Patrick Taylor – Cravath Swaine & Moore; Christopher Tierney – Cravath Swaine & Moore; Joseph Zavaglia – Cravath Swaine & Moore; Laura Acker – Willkie Farr & Gallagher; David Boston – Willkie Farr & Gallagher; David Tarr – Willkie Farr & Gallagher;

Law Firms: Cravath Swaine & Moore; Willkie Farr & Gallagher;

Clients: Bank of America Securities; Barclays Bank; CenturyLink; Citigroup Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley; RBC Capital Markets; Wells Fargo Securities;

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Author: Ambrogio Visconti