Lumen subsidiary closes $2B 6.875% notes due 2033, redeems higher-cost debt

Lumen Technologies, Inc.

• Level 3 Financing issued $2.0B of 6.875% First Lien Notes due June 30, 2033.
• Proceeds redeemed all $924.5M of 10.5% notes due 2030 and $667.7M of 10.5% notes due 2029.
• Also partially redeemed $166.6M of 11% First Lien Notes due 2029.
• Transaction simplifies capital structure, extends maturities, and reduces interest expense.