Level 3 Financing Inc.’s High‑Yield Senior Notes Tack‑On Offering and Concurrent $2.2 Billion Cash Tender Offer

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.

The Cravath team included partners Andrew J. Pitts and Ryan J. Patrone and associates Courtney T. Seager and Benjamin B. Arcano on capital markets matters; partner Arvind Ravichandran and associate Ruth Goldstein Schapiro on tax matters; and partner Matthew Morreale on environmental matters. Yang Hyun (Yanni) Cho also worked on capital markets matters and Ben Gelman worked on tax matters.