On September 24, 2024, Lumen Technologies, Inc. and its subsidiary Level 3 Financing, Inc., collectively referred to as the Issuers, successfully completed the early settlement of their previously announced exchange offers. The exchange offers involved the Issuers offering new secured and unsecured notes with higher interest rates in exchange for certain outstanding unsecured notes. Lumen issued approximately $438.3 million in new notes and paid about $13.7 million in cash, excluding accrued interest, for roughly $490.8 million of its existing notes. Similarly, Level 3 issued approximately $350 million in new notes for about $357.1 million of its existing notes. The new notes, which were not registered under the Securities Act, are subject to transfer restrictions and were offered only to eligible holders of the subject notes. The exchange offers, which...Show More

On September 24, 2024, Lumen Technologies, Inc. and its subsidiary Level 3 Financing, Inc., collectively referred to as the Issuers, successfully completed the early settlement of their previously announced exchange offers. The exchange offers involved the Issuers offering new secured and unsecured notes with higher interest rates in exchange for certain outstanding unsecured notes. Lumen issued approximately $438.3 million in new notes and paid about $13.7 million in cash, excluding accrued interest, for roughly $490.8 million of its existing notes. Similarly, Level 3 issued approximately $350 million in new notes for about $357.1 million of its existing notes. The new notes, which were not registered under the Securities Act, are subject to transfer restrictions and were offered only to eligible holders of the subject notes. The exchange offers, which were detailed in private offering memoranda dated September 3, 2024, expired on October 1, 2024. The completion of these transactions resulted in a net reduction of approximately $59.6 million in Lumen's consolidated indebtedness, including a $7.1 million reduction for Level 3. The new notes will mature on October 15, 2032, with interest payable semi-annually starting April 15, 2025. The indentures governing the new notes include terms for redemption, subordination, and covenants regarding additional indebtedness and corporate transactions.