DENVER, Jan. 13, 2021 /PRNewswire/ -- Lumen
Technologies* (NYSE: LUMN) announced that its wholly-owned
subsidiary, Level 3 Financing Inc. ("Level 3 Financing"), completed
its previously-announced private offering of $900 million aggregate principal amount of its
unsecured 3.750% Sustainability-Linked Senior Notes due 2029 (the
"Sustainability-Linked Notes"). The Sustainability-Linked Notes are
aligned with Lumen's science-based emission reduction targets and
its commitment to environmental, social and governance (ESG)
initiatives.
Level 3 Financing intends to use the net proceeds from the
offering, together with cash on hand, to redeem all $900 million aggregate principal amount of Level
3 Financing's 5.375% Senior Notes due 2024 (the "2024 Notes") on
the terms described below.
The Sustainability-Linked 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 Sustainability-Linked Notes were privately placed
without being registered under the Securities Act of 1933, as
amended.
In connection with completing the offering, Level 3 Financing
today issued notices to redeem all $900
million aggregate principal amount of its outstanding 2024
Notes. Pursuant to these notices, on Feb.
12, 2021, the 2024 Notes will be redeemed at par plus
accrued and unpaid interest to, but excluding, the redemption date.
Additional information regarding the redemption of the 2024 Notes
is available from Bank of New York Mellon. This press release does
not constitute a notice of redemption with respect to any of Level
3 Financing's outstanding senior notes.
Additional information on the Sustainability-Linked Notes will
be available in the Current Report on Form 8-K to be filed later
today.
About Lumen
Lumen is guided by our belief that humanity is at its best when
technology advances the way we live and work. With approximately
450,000 route fiber miles and serving customers in more than 60
countries, we deliver the fastest, most secure platform for
applications and data to help businesses, government and
communities deliver amazing experiences.
Lumen and Lumen Technologies are registered trademarks of Lumen
Technologies LLC in the United
States. Lumen Technologies LLC is a wholly-owned affiliate
of CenturyLink Inc.
* The Lumen brand was launched on Sept. 14, 2020. As a result, CenturyLink, Inc. is
referred to as Lumen Technologies, or simply Lumen. The legal name
CenturyLink, Inc. is expected to be formally changed to Lumen
Technologies, Inc. on Jan. 22, 2021.
Effective as of Jan. 22, 2021, the
CUSIP number for the company's common stock is scheduled to change
to 550241 103.
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," "will," 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: changes in the cash requirements, financial
position, financing plans, credit ratings or investment plans of
Level 3 Financing or its affiliates; changes in general market,
economic, tax, regulatory or industry conditions; and other risks
referenced from time to time in the filings of Lumen Technologies
or Level 3 Parent LLC with the Securities and Exchange Commission.
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. 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 Lumen Technologies