Willkie represented CenturyLink in the two bond offerings of Level 3 Financing Senior Secured Notes, and in its refinancing of a $4.61 billion Level 3 senior secured credit agreement.
On December 2, Willkie client CenturyLink, Inc. (NYSE: CTL) announced that Level 3 Financing, Inc., its subsidiary, completed its Rule 144A offering of $750 million aggregate principal amount of its 3.400% Senior Secured Notes due 2027 and $750 million aggregate principal amount of its 3.875% Senior Secured Notes due 2029 to qualified institutional buyers.
Separately, CenturyLink announced that Level 3 Financing successfully completed the refinancing of its outstanding $4.61 billion senior secured Tranche B 2024 Term Loan, in which Willkie also advised. The 2024 Term Loan was refinanced with a new $3.11 billion senior secured Tranche B 2027 Term Loan and the net proceeds of the secured note offerings.
CenturyLink is a technology leader delivering hybrid networking, cloud connectivity, and security solutions to customers around the world. Through its extensive global fiber network, CenturyLink provides secure and reliable services to meet the growing digital demands of businesses and consumers.
The transactions were led by partners David Boston, Laura Acker and David Tarr.