Lumen Announces Early Tender Results Of Exchange Offers For Unsecured Notes Of Lumen And Level 3

Author: Benzinga Newsdesk | September 17, 2024 09:18am

Lumen Technologies, Inc. (NYSE:LUMN) ("Lumen") announced the early results of its offers to exchange newly-issued secured notes for certain of its outstanding unsecured senior notes. In addition, Lumen also announced the early results of the offers by Level 3 Financing, Inc., its indirect, wholly-owned subsidiary ("Level 3" and, together with Lumen, the "Issuers"), to exchange newly-issued second lien notes for certain of its outstanding unsecured senior notes.

 

Lumen Exchange Offers

As previously announced, Lumen has offered to exchange (collectively, the "Lumen Exchange Offers") up to $500,000,000 (the "Lumen Notes Cap") maximum aggregate principal amount of its newly-issued 10.000% Secured Notes due 2032 (the "New Lumen Notes") and certain cash consideration, as applicable, for its outstanding:

1. 5.125% Senior Notes due 2026 (the "2026 Lumen Notes");
2. 4.000% Senior Secured Notes due 2027 (Unsecured) (the "2027 Lumen Notes");
3. 6.875% Debentures, Series G, due 2028 (the "2028 Lumen Notes"); and
4. 4.500% Senior Notes due 2029 (the "2029 Lumen Notes" and, together with the 2026 Lumen Notes, the 2027 Lumen Notes and the 2028 Lumen Notes, the "Subject Lumen Notes");

subject to the terms and conditions set forth in Lumen's private offering memorandum, dated September 3, 2024 (the "Lumen Offering Memorandum"), including the $100,000,000 limit (the "New Notes Series Cap") on the maximum aggregate principal amount of New Lumen Notes that Lumen may issue in exchange for the 2029 Lumen Notes.

Posted In: LUMN