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DENVER, Jan. 11, 2021 /PRNewswire/ — Lumen Technologies* (NYSE: LUMN) introduced that its wholly-owned subsidiary, Stage 3 Financing Inc. (“Stage 3 Financing”), has agreed to promote $900 million mixture principal quantity of its unsecured 3.750% Sustainability-Linked Senior Notes due 2029 (the “Sustainability-Linked Notes”) pursuant to its inaugural providing of notes with sustainability-linked options introduced earlier right now.
The Sustainability-Linked Notes have been priced to buyers at par and can mature on July 15, 2029. Upon issuance, Stage 3 Financing’s obligations beneath the Sustainability-Linked Notes can be assured on an unsecured foundation by Stage 3 Dad or mum LLC, the direct mother or father of Stage 3 Financing.
Stage 3 Financing intends to make use of the online proceeds from the providing, along with money available, to redeem all $900 million mixture principal quantity of Stage 3 Financing’s 5.375% Senior Notes due 2024. The providing is predicted to be accomplished on Jan. 13, 2021, topic to the satisfaction or waiver of customary closing situations.
The Sustainability-Linked Notes are aligned with Lumen’s science-based emission discount targets and its dedication to environmental, social and governance (ESG) initiatives. Lumen, as a part of its ESG initiatives, has established science-based targets to scale back its annualized absolute market-based Scope 1 and Scope 2 greenhouse fuel (GHG) emissions by 18% and its annualized absolute upstream Scope 3 GHG emissions by 10% by 2025, with 2018 because the baseline 12 months for measurement. These two objectives represent the sustainability efficiency targets relevant to the Sustainability-Linked Notes. Below the phrases of the Sustainability-Linked Notes, if Lumen doesn’t fulfill both or each of the sustainability efficiency targets previous to Oct. 15, 2026, the rate of interest relevant to the Sustainability-Linked Notes can be elevated by both 0.0625% or 0.1250% each year, respectively. Any adjustment to the rate of interest can be efficient for the curiosity interval starting July 16, 2026. Lumen plans to publish updates on its web site relating to its efficiency with respect to its sustainability efficiency targets.
The Sustainability-Linked Notes won’t be registered beneath the Securities Act of 1933, as amended (the “Securities Act”), or any state securities legal guidelines in the USA and will not be supplied or offered in the USA absent registration or an exemption from the relevant registration necessities. Accordingly, the Sustainability-Linked Notes are being supplied and offered solely to individuals moderately believed to be certified institutional consumers in accordance with Rule 144A promulgated beneath the Securities Act and to non-U.S. individuals outdoors the USA in accordance with Regulation S promulgated beneath the Securities Act. Holders of the Sustainability-Linked Notes won’t have registration rights.
This press launch doesn’t represent a suggestion to promote, or a solicitation of a suggestion to purchase, the Sustainability-Linked Notes, nor will there be any sale of the Sustainability-Linked Notes in any jurisdiction during which such provide, solicitation or sale can be illegal. This press launch doesn’t represent a discover of redemption with respect to any of Stage 3 Financing’s excellent senior notes.
About Lumen
Lumen is guided by our perception that humanity is at its greatest when expertise advances the best way we dwell and work. With roughly 450,000 route fiber miles and serving clients in additional than 60 nations, we ship the quickest, most safe platform for purposes and information to assist companies, authorities and communities ship superb experiences.
Lumen and Lumen Applied sciences are registered emblems of Lumen Applied sciences LLC in the USA. Lumen Applied sciences LLC is a wholly-owned affiliate of CenturyLink Inc.
* The Lumen model was launched on Sept. 14, 2020. Because of this, CenturyLink, Inc. is known as Lumen Applied sciences, or just Lumen. The authorized identify CenturyLink, Inc. is predicted to be formally modified to Lumen Applied sciences, Inc. on Jan. 22, 2021. Efficient as of Jan. 22, 2021, the CUSIP quantity for the corporate’s widespread inventory is scheduled to vary to 550241 103.
Ahead-Wanting Statements
Aside from historic and factual info, the issues set forth on this launch and different of our oral or written statements recognized by phrases reminiscent of “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” and related expressions are forward-looking statements. These forward-looking statements aren’t ensures of future outcomes and are primarily based on present expectations solely, are inherently speculative, and are topic to quite a lot of assumptions, dangers and uncertainties, a lot of that are past our management. Precise occasions and outcomes might differ materially from these anticipated, estimated, projected or implied by us in these statements if a number of of those dangers or uncertainties materialize, or if underlying assumptions show incorrect. Components that might have an effect on precise outcomes embody, however aren’t restricted to: Stage 3 Financing’s failure to fulfill the situations to the preliminary purchasers’ obligation to consummate the providing; company developments that might preclude, impair or delay the above-described transactions attributable to restrictions beneath the federal securities legal guidelines; adjustments in Stage 3 Financing’s credit score scores; adjustments within the money necessities, monetary place, financing plans or funding plans of Stage 3 Financing or its associates; adjustments basically market, financial, tax, regulatory or trade situations that impression the power or willingness of Stage 3 Financing to consummate the above-described transactions on the phrases described above or in any respect; and different dangers referenced every now and then within the filings of Lumen Applied sciences or Stage 3 Dad or mum LLC with the Securities and Trade Fee. We undertake no obligation to publicly replace or revise any forward-looking statements for any cause, whether or not on account of new info, future occasions or developments, modified circumstances, or in any other case. We might change our intentions, methods or plans (together with our plans expressed herein) with out discover at any time and for any cause.
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SOURCE Lumen Applied sciences
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