Lumen Technologies (LUMN) refinances tern loans

Lumen Technologies, Inc. (NYSE: LUMN) today announced the successful completion of a refinancing transaction at Level 3 Financing, Inc. ("Level 3"), giving it greater financial flexibility and stability to fund its transformation. All of Level 3's existing term loans under its Credit Agreement, dated March 22, 2024 (the "Credit Agreement"), were replaced with a new $2.4 billion term loan maturing in 2032 and priced at Term SOFR + 4.25%. The refinancing represents (i) a 30-month maturity extension on a blended basis, and (ii) an interest rate reduction of 231 basis points resulting in annual interest savings of over $55 million. Additionally, in connection with the refinancing transaction, certain other modifications were made to the covenants in the Credit Agreement to provide additional flexibility to Level 3.

"We continue to make significant strides in strengthening our financial position, and this refinancing marks another key milestone in fortifying the company's balance sheet and freeing up capital to serve our long-term growth," said Chris Stansbury, Executive Vice President and Chief Financial Officer for Lumen. "As we demonstrate our leadership as the trusted network for AI, our financial strength and market momentum will ensure we are well-positioned to accelerate innovation, drive efficiencies and create value for our customers, employees and shareholders."

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