Exhibit 99.1
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Lumen Technologies announces offering of inaugural Sustainability-Linked Notes
DENVER, Jan. 11, 2021 — 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.
