Senior notes | Qwest Corporation

The 2017 Senior Secured Credit Facilities contain various representations and warranties and extensive affirmative and negative covenants. Such covenants include, among other things and subject to certain significant exceptions, restrictions on our ability to declare or pay dividends, repurchase stock, repay certain other indebtedness, create liens, incur additional indebtedness, make investments, engage in transactions with its affiliates, dispose of assets and merge or consolidate with any other person.

Senior notes | CenturyLink, Inc.

The senior notes of Qwest Corporation were issued under indentures dated April 15, 1990 and October 15, 1999. These indentures contain restrictions on the incurrence of liens and the consummation of certain transactions substantially similar to the above-described covenants in CenturyLink, Inc.'s March 31, 1994 indenture (but contain no mandatory repurchase provisions)

Senior notes | Level 3 Parent, LLC

The senior notes of CenturyLink, Inc. were issued under an indenture dated March 31, 1994. This indenture restricts our ability to (i) incur, issue or create liens upon the property of CenturyLink, Inc. and (ii) consolidate with or merge into, or transfer or lease all or substantially all of our assets to any other party

Senior notes | Level 3 Financing, Inc.

The term loan and senior notes of Level 3 Parent, LLC and Level 3 Financing, Inc. contain extensive affirmative and negative covenants. Such covenants include, among other things and subject to certain significant exceptions, restrictions on their ability to declare or pay dividends, repay certain other indebtedness, create liens, incur additional indebtedness, make investments, engage in transactions with their affiliates, dispose of assets and merge or consolidate with any other person

Senior notes | Qwest Capital Funding, Inc

Senior notes | Embarq Corporation

The senior notes of Qwest Capital Funding, Inc. were issued under an indenture dated June 29, 1998 containing terms substantially similar to those set forth in Qwest Corporation's indentures

Senior notes | Debt instrument, redemption, period one | CenturyLink, Inc.

Embarq's senior note was issued pursuant to an indenture dated as of May 17, 2006. While Embarq is generally prohibited from creating liens on its property unless its senior notes are secured equally and ratably, Embarq can create liens on its property without equally and ratably securing its senior notes so long as the sum of all indebtedness so secured does not exceed 15% of Embarq's consolidated net tangible assets. The indenture also contains restrictions on the consummation of certain transactions substantially similar to CenturyLink, Inc.’s above-described covenants (but without mandatory repurchase provision), as well as certain customary covenants to maintain properties and pay all taxes and lawful claims

Senior notes | Debt instrument, redemption, period one | Level 3 Parent, LLC

Under certain circumstances in connection with a “change of control” of CenturyLink, Inc., it will be required to make an offer to repurchase each series of these senior notes (other than two of its older series of notes) at a price of 101% of the principal amount redeemed, plus accrued and unpaid interest

Senior notes | Debt instrument, redemption, period one | Level 3 Financing, Inc.

Also, under certain circumstances in connection with a "change of control" of Level 3 Parent, LLC, it, as well as Level 3 Financing, Inc., will be required to make an offer to repurchase each series of its outstanding senior notes at a price of 101% of the principal amount redeemed, plus accrued and unpaid interest

Senior notes | 6.5% Notes due 2056 | Qwest Corporation

Senior notes | 6.5% Notes due 2056 | Debt instrument, redemption, period one | Qwest Corporation

$ 978

Senior notes | 7.5% Notes due 2024 | CenturyLink, Inc.

on or after September 1, 2021, at a redemption price equal to 100% of the principal amount redeemed

Senior notes | 7.5% Notes due 2024 | Debt instrument, redemption, period one | CenturyLink, Inc.

$ 1,000

Senior notes | 7.5% Notes due 2024 | Debt instrument, redemption, period two | CenturyLink, Inc.

on or after January 1, 2024, at a redemption price equal to 100% of the principal amount redeemed

Senior notes | 7.5% Notes due 2024 | Debt instrument, redemption, period three | CenturyLink, Inc.

before January 1, 2024, the Notes are redeemable, in whole or in part, at CenturyLink, Inc.'s option, at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, discounted to the redemption date in the manner described in the Notes

Senior notes | 7.5% Notes due 2024 | Debt instrument, redemption, period four | CenturyLink, Inc.

on or prior to April 1, 2019, CenturyLink, Inc. may redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 107.5% of the principal amount

Senior notes | 7.00% Notes due 2056 | Qwest Corporation

Under certain circumstances, CenturyLink, Inc. will be required to make an offer to repurchase the Notes at a price of 101% of the aggregate principal amount

Senior notes | 7.00% Notes due 2056 | Debt instrument, redemption, period one | Qwest Corporation

$ 235

Medium-term notes | Qwest Corporation

on or after February 1, 2021, at a redemption price equal to 100% of the principal amount redeemed

Medium-term notes | Level 3 Parent, LLC

Qwest Corporation must maintain a debt to EBITDA (earnings before interest, taxes, depreciation and amortization, as defined in such term loan) ratio of not more than 2.85:1.0, as of the last day of each fiscal quarter for the four quarters then ended. The term loan also contains a negative pledge covenant, which generally requires Qwest Corporation to secure equally and ratably any advances under the term loan if it pledges assets or permit liens on its property for the benefit of other debtholders

Medium-term notes | Level 3 Financing, Inc.

Medium-term notes | Term Loan A | CenturyLink Escrow, LLC

$ 1,575

Medium-term notes | Term Loan A-1 | CenturyLink Escrow, LLC

With respect to the Term Loan A and A-1 facilities and the 2017 Revolving Credit Facility, the 2017 CenturyLink Credit Agreement requires us to maintain (i) a maximum total leverage ratio of not more than 5.00 to 1.00 between the closing date of the Level 3 acquisition and the second anniversary thereof and 4.75 to 1.00 thereafter and (ii) a minimum consolidated interest coverage ratio of at least 2.00 to 1.00, with such ratios being determined and calculated in the manner described in the 2017 CenturyLink Credit Agreement.

$ 370

Revolving credit facility | 2017 revolving credit facility | CenturyLink Escrow, LLC

Subsequent event | Medium-term notes | Term Loan A | CenturyLink, Inc.