Lumen reprices $2.4B term loan and issues $425M notes, saving $34M annually in interest

Lumen Technologies, Inc.

Level 3 repriced $2.4B term loan to Term SOFR+3.25%, reducing spread by 100bps, saving $24M/year.
Issued additional $425M of 7% First Lien Notes due 2034; used proceeds to redeem $373M of 10.75% Notes due 2030, saving $10M/year.
Combined transactions extend maturities beyond 2030 and provide greater financial flexibility for AI investment.
Covenant modifications provide additional flexibility to Level 3.

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