CenturyLink (NYSE: CTL) reported Thursday that its Level 3 Financing subsidiary has agreed to sell $1.2 billion aggregate principal amount of unsecured 4.250 percent senior notes due 2028 pursuant to the private offering.
The 2028 Notes were priced to investors at par and will mature on July 1, 2028. Level 3 Financing's obligations under the 2028 Notes will be guaranteed on an unsecured basis by Level 3 Parent, the direct parent of Level 3 Financing.
The net proceeds from the offering will be used for general corporate purposes, including, without limitation, to redeem all $840 million aggregate principal amount of Level 3 Financing's outstanding 5.375 percent Senior Notes due 2022 and $360 million aggregate principal amount of Level 3 Financing's outstanding 5.625 percent Senior Notes due 2023. The offering is expected to be completed on June 15, 2020, subject to the satisfaction or waiver of customary closing conditions.
The 2028 Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A promulgated under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S promulgated under the Securities Act. The 2028 Notes will not have registration rights.
CenturyLink (NYSE: CTL) 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. CenturyLink strives to be the trusted connection to the networked world and is focused on delivering technology that enhances the customer experience.