Jones Walker Represents Lumen Technologies in Its Inaugural Issuance of Sustainability-Linked Bonds

BY PR Newswire | CORPORATE | 01/15/21 10:05 AM EST

NEW ORLEANS, La., Jan. 15, 2021 /PRNewswire/ --?This week, Lumen Technologies (formerly CenturyLink), a technology company headquartered in Monroe, Louisiana, became only the second domestic company to issue sustainability-linked bonds.

Jones Walker logo (PRNewsfoto/Jones Walker LLP)

Jones Walker represented Lumen Technologies and its wholly-owned subsidiary, Level 3 Financing Inc., in its inaugural offering of $900 million of 3.750% Sustainability-Linked Senior Notes due 2029, which will provide for interest rate increases if Lumen Technologies fails to attain its targets for reducing greenhouse gas emissions.

Lumen Technologies is the first domestic company to issue sustainability-linked bonds that will pay interest at one of three varying levels rather than two, depending on the achievement of their sustainability targets. Lumen Technologies' completed offering is aligned with its commitment to environmental, social, and governance (ESG) initiatives.

The Jones Walker legal team, led by Ken Najder, included Amy Scafidel, Alex Layfield, Blake Fulton, and Thomas Kimball. Working in close collaboration with Lumen's legal, treasury, and ESG teams, the Jones Walker team drafted all the indenture provisions and disclosures pertaining to the bonds' novel sustainability-linked features, in addition to handling all other work associated with acting as issuer's counsel for the offering.

About Jones Walker
Jones Walker LLP (joneswalker.com) is among the largest 120 law firms in the United States. With offices in Alabama, Arizona, the District of Columbia, Florida, Georgia, Louisiana, Mississippi, New York, and Texas, we serve local, regional, national, and international business interests. The firm is committed to providing a comprehensive range of legal services to major multinational, public and private corporations,?Fortune? 500 companies, money center banks, worldwide insurers, and emerging companies doing business in the United States and abroad.

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.

Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of CenturyLink Inc.

Contact:
Mary Margaret Gorman
mmgorman@joneswalker.com
504-582-8207

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SOURCE Jones Walker LLP

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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