Lumen sub Level 3 upsizes note offering to $2B at 6.875%, redeems higher-cost debt

Lumen Technologies, Inc.

Level 3 Financing upsized offering from $1B to $2B of 6.875% First Lien Notes due 2033.
Proceeds to redeem $924.5M of 10.5% notes due 2030 and $667.7M of 10.5% notes due 2029.
Also partially redeems 11.0% First Lien Notes due 2029; includes redemption premium.
Offer expected to close June 30, 2025, subject to customary conditions.
Refinancing reduces average coupon on replaced debt from ~10.5% to 6.875%.

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