Level 3 Financing, Inc.’s High‑Yield Senior Debt Offering

Cravath represented the initial purchasers, Citigroup, BofA Merrill Lynch, Morgan Stanley, Credit Suisse, Jefferies, and J.P. Morgan Securities, in connection with the US$640 million 144A/Reg. S high‑yield senior debt offering of Level 3 Financing, Inc., guaranteed by Level 3 Communications, Inc., a facilities‑based provider of a broad range of integrated communications systems. The transaction closed on November 14, 2013.

The Cravath team included partner Andrew J. Pitts and associates Isaac C. Beerman and Eric M. Wasserstrum. Juliana Lacreta Gobbi and Michael W. Young also worked on this matter.