#USA #Denver #Lumen Technologies #Level 3 #2028 Notes

Lumen Technologies Concludes 2028 Notes Cash Tender Offers

On November 26, 2024, Lumen Technologies, Inc. (NYSE: LUMN) announced the expiration and results of its cash tender offers for the outstanding senior unsecured notes maturing in 2028. This announcement pertains not only to Lumen but also to its wholly-owned subsidiary, Level 3 Financing, Inc. The tender offers, referred to as the "Amended Offers," aimed to purchase any and all outstanding debt already on the market. These cash tender offers were officially initiated on November 12, 2024, and extended with amendments outlined in a press release dated November 19, 2024.

The offered notes, collectively referred to as the "2028 Notes," included varying offerings from both Lumen Technologies and Level 3 Financing with specific issuance details captured in a summary table. The cash tender offers officially closed at 5:00 PM EST on November 25, 2024. Alongside the expiration of the offers, the rights to withdraw any previous tender also ceased at this time.

The record reported that out of the total principal amounts across different series of the 2028 Notes, a notable percentage was successfully tendered. For Lumen Technologies, approximately 14.89% of its 6.875% Debentures, Series G, was successfully accepted, while Level 3 saw a significant 56.41% of its 4.250% Senior Notes due accepted in this round of offers. This indicates a strong market response to the tender offers where a total volume of $299.4 million was tendered between both companies.

The details of the issuance included:

• - Lumen Technologies, Inc.

- 6.875% Debentures, Series G, due 2028
- CUSIP Number: 156686 AM9
- Total Outstanding Before Offers: $161,817,000
- Total Amount Tendered: $24,094,000 at an amended tender consideration of $947.50 per $1,000 face value accepted.

• - Level 3 Financing, Inc.

- 4.250% Senior Notes due 2028
- CUSIP Numbers: 527298 BR3 / U52783 AW4
- Total Outstanding Before Offers: $488,098,000
- Total Amount Tendered: $275,334,000 at an amended tender consideration of $890.00 per $1,000 face value accepted.

Following the satisfying of all conditions necessary for the Amended Offers, Lumen anticipates the completion of payments for the accepted 2028 Notes on November 26, 2024, effectively concluding this round of offers. This successful cash tender will not only serve to streamline Lumen's capital structure but reaffirm the company’s strategy of engaging with its investors effectively.

For investors and stakeholders needing further guidance on these offers, Citigroup Global Markets Inc. acted as lead dealer manager, and relevant inquiries could be directed to Global Bondholder Services Corporation, who managed the tender process.

The press release clarifies that this statement does not comprise an offer to purchase nor a solicitation for offers to sell any notes, a standard legal disclaimer ensuring clarity regarding compliance with existing securities laws.

Conclusion

Lumen Technologies continues to demonstrate its commitment to enhancing financial offerings while solidifying its standing in the telecommunications sector. With ongoing strategic planning, Lumen strives to harness its networks and services to unleash the digital potential of enterprises across diverse industries. The conclusion of these cash tender offers showcases the proactive steps Lumen is taking towards restructuring operations for responsiveness in a competitive landscape. Investors are encouraged to keep an eye on Lumen’s developments as they continue to push the boundaries of digital infrastructure support in the evolving tech landscape.