DENVER, Jan. 11, 2021 /PRNewswire/ -- Lumen
Technologies* (NYSE: LUMN) announced that its wholly-owned
subsidiary, Level 3 Financing Inc. ("Level 3 Financing"), plans to
offer $900 million aggregate
principal amount of unsecured Sustainability-Linked Senior Notes
(the "Sustainability-Linked Notes") in its inaugural offering of
notes with sustainability-linked features. The offering of the
Sustainability-Linked Notes is 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.
Lumen, as part of its ESG initiatives, has established
science-based targets to reduce its annualized absolute
market-based Scope 1 and Scope 2 greenhouse gas (GHG) emissions by
18% and its annualized absolute upstream Scope 3 GHG emissions by
10% by 2025, with 2018 as the baseline year for measurement. Lumen
plans to continue to report its progress towards its ESG goals in
its annual ESG reports.
The Sustainability-Linked Notes will not be registered under the
Securities Act of 1933 (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 Sustainability-Linked 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
Sustainability-Linked Notes will not have registration rights.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, the Sustainability-Linked Notes,
nor will there be any sale of the Sustainability-Linked 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 Level 3 Financing's outstanding
senior notes.
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," 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: the possibility that potential debt investors
will not be receptive to the offering on the terms described above
or at all; 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 or its affiliates 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 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
