Bank of America Merrill Lynch and Morgan Stanley provided $10.2 billion in new secured debt facilities to CenturyLink to support its acquisition of Level 3 Communications.

The boards of directors of both companies approved the merger, in which CenturyLink will acquire Level 3 in a deal valued at about $34 billion. CenturyLink intends to fund the merger with cash on hand and $7 billion in additional indebtedness.

The financing consisted of a $2 billion secured revolving credit facility and $8.2 in other secured debt facilities, which included refinancing of indebtedness expected to mature prior to the transaction closing.

The transaction is expected to close by the end of Q3/17.

Bank of America Merrill Lynch and Morgan Stanley acted as CenturyLink’s financial advisors, and Evercore provided a fairness opinion. Wachtell, Lipton, Rosen & Katz and Jones Walker are acting as CenturyLink’s legal advisors. Citigroup acted as financial advisor to Level 3, and Lazard provided a fairness opinion. Willkie Farr & Gallagher acted as legal advisor to Level 3.