CenturyLink has announced that Level 3 Financing, its indirect wholly owned subsidiary, has completed its previously-announced private offering of $840 million aggregate principal amount of its 3.625 percent senior notes due 2029.
Level 3 Financing intends to use the net proceeds from the offering, together with cash on hand, for general corporate purposes, including to redeem $840 million aggregate principal amount of its outstanding senior notes.
The 2029 notes are unsubordinated, unsecured obligations of Level 3 Financing, and are guaranteed on an unsecured basis by Level 3 Financing’s direct parent, Level 3 Parent LLC. The 2029 notes were privately placed without being registered under the Securities Act of 1933, as amended.
In connection with completing the offering, Level 3 Financing has issued notices to redeem all $140 million aggregate principal amount of its outstanding 5.625 percent senior notes due 2023 and all $700 million aggregate principal amount of its outstanding 5.125 percent senior notes due 2023. Pursuant to these notices, on Sept. 11, 2020, all such notes will be redeemed at par plus accrued and unpaid interest to, but excluding, the redemption date.
