Lumen Technologies completes early settlement of exchange offers, issuing $788.3M in 10% notes due 2032

Lumen Technologies, Inc.

Lumen issued $438.3M of 10% secured notes due 2032; Level 3 issued $350M of 10% second lien notes due 2032.
Exchanged approx $490.8M of Lumen old notes and $357.1M of Level 3 old notes for new notes and cash.
Net reduction in consolidated debt of ~$59.6M; old notes retired and cancelled.
New notes are unregistered and subject to transfer restrictions.
Exchange offers remain open until 5:00 p.m. ET on October 1, 2024.

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