Lumen Technologies Upsizes First Lien Notes to $2B, Pricing at Par

Lumen Technologies, Inc. has agreed to sell $2 billion of 7.000% First Lien Notes due 2034, a $750 million increase from the previously announced size of the offering. The notes will mature on March 31, 2034, and the proceeds will be used to redeem outstanding principal and pay related fees and expenses. The offering is expected to be completed on August 18, 2025.

Lumen Technologies, Inc. (NYSE: LUMN) has announced an upsized offering of its First Lien Notes due 2034, increasing the aggregate principal amount from $1.25 billion to $2 billion. The notes, priced at par, will mature on March 31, 2034, and are fully and unconditionally guaranteed by Level 3 Parent, LLC, and certain unregulated subsidiaries of the Issuer [1].

The proceeds from this offering, along with cash on hand, will be used to redeem $1,408,435,434 of Level 3 Financing's 11.000% First Lien Notes due 2029 and to partially redeem $1,075,000,000 of its 10.750% First Lien Notes due 2030, including payment of redemption premiums and related fees and expenses. The offering is expected to be completed on August 18, 2025, subject to customary closing conditions [1].

The First Lien Notes are being offered and sold only to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons outside the United States under Regulation S. Holders of the First Lien Notes will not have registration rights. This press release does not constitute an offer to sell or a solicitation of an offer to buy the First Lien Notes [1].

Lumen Technologies is a leading provider of digital connectivity solutions, leveraging its network to help businesses realize the full potential of AI. The company's offerings include metro connectivity, long-haul data transport, edge cloud, security, managed services, and digital platform capabilities [1].

Forward-looking statements in this release are subject to a number of risks and uncertainties, including the possibility that debt investors may not be receptive to the offering on the terms described, changes in general market conditions, and other risks referenced in the company's filings with the Securities and Exchange Commission [1].

References:
[1] https://www.businesswire.com/news/home/20250804398661/en/Lumen-Technologies-Inc.-Announces-Offering-of-First-Lien-Notes-Due-2034