Lumen Technologies Inc. (NYSE: LUMN) and its subsidiary Qwest Corporation completed exchange offers for outstanding notes totaling approximately $1.4 billion in principal amount.

The exchange offers expired June 9, 2026, at 5:00 p.m. ET. Qwest exchanged $831.9 million in aggregate principal amount of its existing notes for new notes with shorter maturities. The company also received consent fees totaling $3.5 million.

Under the exchange, Qwest's 6.5% Notes due 2056 were swapped for new 6.500% Notes due 2051, while the 6.75% Notes due 2057 were exchanged for new 6.750% Notes due 2052. The new notes maintain the same interest rates and payment terms as the original securities but carry guarantees from parent company Lumen.

Of the $977.5 million in 2056 notes outstanding, holders tendered $831.9 million for exchange. For the $660 million in 2057 notes, $552 million was tendered. The exchange offers provided holders with options for different denomination structures.

Qwest obtained required consents from holders representing a majority of outstanding principal amounts for both note series, allowing proposed amendments to the governing indentures to proceed. These amendments will become effective on the settlement date of June 11, 2026.

The company plans to delist the old notes from the New York Stock Exchange and deregister them following settlement. This move is part of Qwest's effort to simplify its reporting obligations, after which it expects to cease filing reports with the Securities and Exchange Commission under the Exchange Act.

Morgan Stanley & Co. LLC served as lead dealer manager for the transaction, while D.F. King & Co. acted as information agent and exchange agent.