Lumen Technologies plans $1 billion bond issue with debt tender offers

Lumen Technologies Inc. (NYSE: LUMN) announced that its subsidiary Level 3 Financing Inc. plans to offer $1 billion in senior notes due 2037, while launching concurrent tender offers to purchase up to $750 million of existing debt securities.

The telecommunications company intends to use proceeds from the new bond issuance to fund the purchase of existing notes through the tender offers and pay related expenses. Any remaining funds will be used for general corporate purposes.

The tender offers target 12 series of outstanding notes issued by Level 3 Financing, Lumen Technologies, and Qwest Capital Funding Inc., with a combined outstanding principal amount of approximately $1.66 billion. The notes being targeted range from debentures due 2028 to second lien notes due 2031.

Holders who tender their notes by the early deadline of May 19, 2026, will receive total consideration ranging from $917.50 to $1,025.00 per $1,000 principal amount, including a $30 early tender premium. The tender offers expire on June 4, 2026.

Wells Fargo Securities serves as lead dealer manager, with Goldman Sachs, Bank of America Securities, JPMorgan Securities, Citigroup Global Markets, and Morgan Stanley acting as dealer managers. D.F. King & Co. will serve as tender and information agent.

The new senior notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, as they will not be registered under the Securities Act.

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