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Level 3 Financing to sell senior notes in $1B private offering

CenturyLink Inc.'s indirect wholly owned subsidiary, Level 3 Financing Inc., agreed to sell $1 billion of its 4.625% senior notes due 2027 in a proposed private offering.

The notes were priced at 100% of their principal amount and will mature Sept. 15, 2027. Level 3 Financing's obligations under the notes will be guaranteed by Level 3 Parent LLC, the direct parent of Level 3 Financing.

The company plans to use the net proceeds, together with cash on hand, for general corporate purposes, including to redeem all of Level 3 Financing's $240 million of 6.125% senior notes due 2021, all of Level 3 Parent's $600 million of 5.75% senior notes due 2022 and other long-term debt of Level 3 Financing.

The offering is expected to close Sept. 25, subject to the satisfaction or waiver of customary closing conditions.