Level 3 Financing, Inc.’s $1 Billion High‑Yield Senior Notes Offering and Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.’s Concurrent $750[...]

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high-yield senior notes 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., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.'s concurrent $750 million cash tender offers. The transactions closed on May 21, 2026.

The Cravath team included partners Andrew J. Pitts and Ryan J. Patrone and associates Courtney T. Seager, Benjamin B. Arcano and Yue Yue (Emily) Teng on capital markets matters; partner Arvind Ravichandran and associates Ruth Goldstein Schapiro and Cameron Averill on tax matters; and partner Matthew Morreale and associate Star S. Gulant on environmental matters.