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

Cravath represented the initial purchasers, led by Citigroup, in connection with the $840 million 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 August 12, 2020.

The Cravath team included partners Andrew J. Pitts and Joseph D. Zavaglia and associates Nicholas J. Maida, Diane K. Mokoro, James I. Kim and Shannon R. Westerlind on capital markets matters, and senior attorney Annmarie M. Terraciano on environmental matters. Brittany A. Milano also worked on tax matters.