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Lumen Technologies (formerly CenturyLink) has become only the second domestic company to issue sustainability-linked bonds.
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 ScafidelAlex LayfieldBlake 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.

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