Level 3 Financing’s $900 Million High?Yield Sustainability?Linked Senior Notes Offering


Cravath represented the initial purchasers on the offering.

Level 3 Financing, Inc. executed its $900 million 144A/Reg. S high-yield sustainability-linked senior notes, guaranteed by Level 3 Parent, LLC. The transaction closed on January 13, 2021.

Level 3 Financing, Inc., a subsidiary of CenturyLink, Inc., is an international facilities-based communications company engaged primarily in providing an integrated array of services to customers.

Cravath represented the initial purchasers, led by Morgan Stanley, BofA Securities and Citigroup with a team including partner Andrew J. Pitts (Picture) and associates Shaylyn Harper and Zachary B. Ramirez-Brunner on capital markets matters, and partner Kara L. Mungovan and associate Carlos Nicholas Obando on tax matters. Nicholas B. Singer also worked on capital markets matters and Alissa B. Fromkin also worked on tax matters.

Involved fees earner: Alissa Fromkin – Cravath Swaine & Moore; Shaylyn Harper – Cravath Swaine & Moore; Kara Mungovan – Cravath Swaine & Moore; Carlos Nicholas Obando – Cravath Swaine & Moore; Andrew Pitts – Cravath Swaine & Moore; Zachary Ramirez-Brunner – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Morgan Stanley;

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Author: Ambrogio Visconti