Lumen Technologies announced the successful closing of its offering of $2.0 billion aggregate principal amount of 7.000% First Lien Notes due 2034. This transaction is a key part of Lumen’s ongoing financial strategy to strengthen its capital structure and accelerate its transformation.
The proceeds from this offering, combined with cash on hand, were used to redeem $1,408,435,434 of Level 3 Financing’s 11.000% Senior Secured Notes due 2029 and partially redeem $305,367,000 of its 10.750% First Lien Notes due 2030.
This latest transaction simplifies Lumen’s capital structure, extends debt maturities, and lowers overall borrowing costs, resulting in meaningful interest expense savings and greater financial flexibility. Chris Stansbury, Lumen's CFO, stated that this financing reflects market confidence in their strategy to deliver high-performance digital network services for the AI-powered economy.
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