MONROE, La., Nov. 12, 2019 /PRNewswire/ -- Global technology
leader CenturyLink, Inc. (NYSE: CTL) announced that Level 3
Financing, Inc., its indirect, wholly owned subsidiary ("Level 3
Financing"), plans to offer $750
million aggregate principal amount of senior secured notes
that will bear interest at a fixed rate (the "Notes") in a proposed
private offering that will not be registered under the Securities
Act of 1933.
Level 3 Financing's obligations under the Notes will be
guaranteed on a secured basis by its direct parent, Level 3 Parent,
LLC, and certain of its material domestic subsidiaries that
guarantee the term loans under Level 3 Financing's existing senior
secured credit facility, subject in certain instances to receipt of
regulatory approval. Such guarantees, when provided by each
entity, will be secured by liens on substantially the same
collateral that is pledged to secure the term loans under that
senior secured credit facility.
The net proceeds from the offering are expected to be used to
repay or retire a portion of the $4.611
billion senior secured Tranche B 2024 term loans under Level
3 Financing's existing senior secured credit facility.
The Notes will not be registered under the Securities Act of
1933 or any state securities laws in the
United States and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
Accordingly, the Notes are being offered and sold only to persons
reasonably believed to be qualified institutional buyers in
accordance with Rule 144A under the Securities Act and to non-U.S.
persons outside the United
States in accordance with Regulation S under the Securities
Act. The Notes will not have registration rights.
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 Statement:
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 "continues," "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. You are cautioned not to unduly
rely upon our forward-looking statements, which speak only as of
the date made. 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.