Level 3 Financing, Inc.’s High‑Yield First Lien Notes Tack‑On 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.

The Cravath team included partners Andrew J. Pitts and Ryan J. Patrone and associates Courtney T. Seager, Benjamin B. Arcano and Q. Cindy Yuan on capital markets matters, and partner Arvind Ravichandran and associates Josh Banafsheha and Ruth Goldstein Schapiro on tax matters.