Level 3 Financing talks $500 million eight-year notes at 4¾% area

By Cristal Cody

Tupelo, Miss., Sept. 11 – Level 3 Financing Inc. is expected to price $500 million of senior notes due 2027 (Ba3/BB) in a Rule 144A and Regulation S for life offering on Wednesday, according to a market source and a news release.

Initial price talk is in the 4½% area.

Citigroup Global Markets Inc. is the left bookrunner. Joint bookrunners are BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Wells Fargo Securities Corp., MUFG, BNP Paribas Securities Corp., Citizens Capital Markets Inc., Deutsche Bank Securities Inc., FTN Financial Services Corp., Loop Capital Markets LLC, Mizuho Securities USA Inc, Regions Securities LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.

The notes will be guaranteed by parent company Level 3 Parent, LLC.

The issue has three years of call protection.

Proceeds will be used along with cash on hand for general corporate purposes, including to redeem the issuer’s $240 million outstanding of 6 1/8% senior notes due 2021 and a portion of Level 3 Parent’s $600 million of outstanding 5¾% senior notes due 2022.

Broomfield, Colo.-based Level 3 Financing, an indirect subsidiary of CenturyLink, Inc., provides telecommunications services.

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