Lumen Technologies' subsidiary, Level 3 Financing, Inc., announced it has agreed to sell $2.00 billion aggregate principal amount of its 7.000% First Lien Notes due 2034. This represents a $750 million increase from the previously announced size of the offering.
The First Lien Notes were priced to investors at par and will mature on March 31, 2034. The proceeds from this offering, combined with cash on hand, are intended to redeem all $1,408,435,434 of Level 3 Financing’s 11.000% First Lien Notes due 2029.
Additionally, a portion of Level 3 Financing’s 10.750% First Lien Notes due 2030 will be partially redeemed. This refinancing strategy aims to extend debt maturities and reduce overall interest expense, further strengthening Lumen's financial position and supporting its AI-era infrastructure growth.
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