DENVER, June 10, 2020 /PRNewswire/ -- CenturyLink Inc.
(NYSE: CTL) announced that Level 3 Financing Inc., its indirect,
wholly-owned subsidiary ("Level 3 Financing"), has agreed to sell
$1.2 billion aggregate principal
amount of its unsecured 4.250% Senior Notes due 2028 (the "2028
Notes") pursuant to the private offering announced earlier
today.
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, LLC, the direct parent of Level 3
Financing.
The net proceeds from the offering will be used, together with
cash on hand, for general corporate purposes, including, without
limitation, to redeem all $840
million aggregate principal amount of Level 3 Financing's
outstanding 5.375% Senior Notes due 2022 (the "2022 Notes") and
$360 million aggregate principal
amount of Level 3 Financing's outstanding 5.625% Senior Notes due
2023 (the "2023 Notes"). The offering is expected to be completed
on June 15, 2020, subject to the
satisfaction or waiver of customary closing conditions.
The 2028 Notes will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), or any state securities
laws in the United States and may
not be offered or sold in the United
States absent registration or an exemption from the
applicable registration requirements. Accordingly, 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.
This press release will not constitute an offer to sell, or a
solicitation of an offer to buy, the 2028 Notes, nor will there be
any sale of the 2028 Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful. This press release does not
constitute a notice of redemption with respect to any of the 2022
Notes or the 2023 Notes.
About CenturyLink
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.
Learn more at http://news.centurylink.com/.
Forward-Looking Statements
Except for historical and factual information, the matters
set forth in this release and other of our oral or written
statements identified by words such as "estimates," "expects,"
"anticipates," "believes," "plans," "intends," and similar
expressions are forward-looking statements. These forward-looking
statements are not guarantees of future results and are based on
current expectations only, are inherently speculative, and are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond our control. Actual events and results may
differ materially from those anticipated, estimated, projected or
implied by us in those statements if one or more of these risks or
uncertainties materialize, or if underlying assumptions prove
incorrect. Factors that could affect actual results include, but
are not limited to, Level 3 Financing's failure to satisfy the
conditions to the initial purchasers' obligation to consummate the
offering; corporate developments that could preclude, impair or
delay the above-described transactions due to restrictions under
the federal securities laws; changes in Level 3 Financing's credit
ratings; changes in the cash requirements, financial position,
financing plans or investment plans of Level 3 Financing or its
affiliates; changes in general market, economic, tax, regulatory or
industry conditions that impact the ability or willingness of Level
3 Financing to consummate the above-described transactions on the
terms described above or at all; and other risks referenced from
time to time in the filings of CenturyLink Inc. or Level 3
Parent, LLC with the Securities and Exchange Commission
("SEC"). For all the reasons set forth above and in our SEC
filings, you are cautioned not to unduly rely upon our
forward-looking statements, which speak only as of the date made.
We undertake no obligation to publicly update or revise any
forward-looking statements for any reason, whether as a result of
new information, future events or developments, changed
circumstances, or otherwise. Furthermore, any information about our
intentions contained in any of our forward-looking statements
reflects our intentions as of the date of such forward-looking
statement, and is based upon, among other things, existing
regulatory, technological, industry, competitive, economic and
market conditions, and our assumptions as of such date. We may
change our intentions, strategies or plans (including our plans
expressed herein) without notice at any time and for any
reason.
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SOURCE CenturyLink Inc.