Latham & Watkins Advises Lumen on Financing Transactions Totaling US$4.47 Billion

Lumen Technologies, Inc. (Lumen) (NYSE: LUMN) announced that its wholly owned subsidiary, Level 3 Financing, Inc. (Level 3 Financing), has closed an offering of US$1 billion aggregate principal amount of its senior notes due 2037 and the early settlement of its previously announced cash tender offers. As of the early tender deadline, approximately US$1.41 billion aggregate principal amount of notes were validly tendered and not validly withdrawn, and approximately US$765.9 million have been accepted for purchase, up to the aggregate maximum tender cap. Level 3 Financing also announced the refinancing of its US$2.4 billion term loan facility maturing in 2032.

Latham & Watkins LLP represents Lumen in the transactions with a Capital Markets and Liability Management team led by partners John Sobolewski and Benjamin Stern, with associates Shawn Quinn, Gabriella Tang, Samantha Pannone, and Ed Reynolds. Advice was also provided on banking matters by partners Kendra Kocovsky and Jennifer Kent, with associates Amrita Mukherjee, Ben Bussmann, Michelle Cha, and Michael Gordon; and on tax matters by partners Katharine Moir and Aaron Bernstein, with associates Dennis Poehland and Gregory Conyers.