Level 3 launches $3.11 billion term loan at Libor plus 175-200 bps

By Sara Rosenberg

New York, Nov. 14 – Level 3 Financing launched a $3,111,000,000 term loan due March 2027 with price talk of Libor plus 175 basis points to 200 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc., Citigroup Global Markets Inc., Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets and Wells Fargo Securities LLC are the leads on the deal.

Commitments are due on Wednesday, the source added.

Proceeds will be used with a bond offering to refinance an existing $4,611,000,000 term loan due 2024 that is priced at Libor plus 225 bps with a 0% Libor floor.

Level 3 is a subsidiary of CenturyLink Inc., a Monroe, La.-based communications, hosting, cloud and IT services company.

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