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

Cravath represented the initial purchasers, led by Citigroup and BofA Merrill Lynch, in connection with the US$775 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 services. The transaction closed on March 22, 2016.

The Cravath team included partner Andrew J. Pitts and associates Eric D. Rinder and Sean A. Fernandez‑Ledon.