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

Cravath represented the initial purchasers, led by Morgan Stanley, BofA Securities and Citigroup, in connection with the $900 million 144A/Reg. S high‑yield sustainability‑linked senior notes 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 January 13, 2021.

The Cravath team included partner Andrew J. Pitts and associates Shaylyn Harper and Zachary B. Ramirez‑Brunner on capital markets matters, and associate Carlos Nicholas Obando on tax matters. Nicholas B. Singer also worked on capital markets matters and Alissa B. Fromkin also worked on tax matters.