Level 3 Financing, Inc.’s $1.2 Billion High‑Yield Senior Notes Offering

Cravath represented the initial purchasers, led by Citigroup and BofA Securities, in connection with the $1.2 billion 144A/Reg. S high‑yield senior notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. 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. The transaction closed on June 15, 2020.

The Cravath team included partners Andrew J. Pitts and Joseph D. Zavaglia and associates Nicholas J. Maida, James I. Kim and Samyel Lee on capital markets matters, and associates Joyce Y. Kim and Kyle R. Jorstad on tax matters.