DENVER, Sept. 17, 2024 /PRNewswire/ — 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:
- 5.125% Senior Notes due 2026 (the “2026 Lumen Notes“);
- 4.000% Senior Secured Notes due 2027 (Unsecured) (the “2027 Lumen Notes“);
- 6.875% Debentures, Series G, due 2028 (the “2028 Lumen Notes“); and
- 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.
Based on data provided by Global Bondholder Services Corporation, the following table sets forth the approximate aggregate principal amount of each series of Subject Lumen Notes that (i) were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on September 16, 2024 (the “Early Tender Time“), and (ii) Lumen expects to accept for purchase, subject to all conditions to the Exchange Offers having been satisfied or waived by Lumen.
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