Level 3 refinances $2.4B term loan, extends maturity to 2032, cuts pricing

Lumen Technologies, Inc.

Level 3 Financing (Lumen sub) entered First Amendment to credit agreement on March 27, 2025.
$2.4B outstanding under Term Loan Facility; no amortization; maturity March 27, 2032.
SOFR loans margin at 4.25% with 0.50% floor; base rate option also available.
Voluntary prepayment allowed without premium, except 1% penalty for repricing within six months.
Facility secured by substantially all assets of Level 3 and guarantors; customary covenants apply.

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