Level 3 Financing, Inc.’s $1 Billion High‑Yield Senior Notes Offering and Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.’s Concurrent $750 Million Cash Tender Offers

Cravath represented the initial purchasers in connection with the $650 million 144A/Reg. S high‑yield senior 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. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc.'s concurrent $2.2 billion cash tender offer. The transactions closed on January 9, 2026.

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.