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 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.