Level 3 Financing, Inc.’s $1.5 Billion High‑Yield Senior Debt Offering

Cravath represented the initial purchasers in connection with the $425 million 144A/Reg. S high‑yield first lien notes tack‑on offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. The transaction closed on September 8, 2025.

On February 4, 2025, Marlin Equity Partners, a leading global investment firm, announced its acquisition of EIDO Healthcare, a leading provider of digital consent and patient information solutions. EIDO Healthcare will be combined with Radar Healthcare, an existing Marlin Equity Partners portfolio company and a provider of risk, quality, and compliance software for the healthcare and social care sectors. Cravath represented Marlin Equity Partners in the committed debt financing in connection with the transaction.

On September 25, 2024, Investcorp a leading global alternative investment firm, announced its acquisition of Stowe Family Law Holdings Limited, the largest specialist family law firm in the United Kingdom. Cravath represented Investcorp in the committed debt financing in connection with the transaction.

Cravath represented Artivion, Inc. in connection with $350 million of credit facilities obtained from Ares Management Credit funds to comprehensively address its debt maturities. Artivion is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons’ most difficult challenges in treating patients with aortic diseases. The facilities consisted of a $190 million secured term loan facility, a $100 million secured delayed draw term loan facility and a $60 million secured revolving credit facility. The transaction closed on January 18, 2024.