Lumen Technologies Inc. (NYSE: LUMN) and its subsidiary Qwest Corporation announced the commencement of exchange offers for approximately $1.6 billion in outstanding notes. The telecommunications company is offering to exchange existing 6.5% notes due 2056 and 6.75% notes due 2057 for new notes with identical terms but guaranteed by Lumen.

The exchange offers involve $977.5 million of the 2056 notes and $660 million of the 2057 notes. Holders who tender their notes before May 8, 2026, will receive $25 principal amount of new notes plus a $0.0625 cash payment per $25 of old notes. Those who tender after that date will receive only $24.25 principal amount of new notes.

The new notes will carry the same interest rates and maturities as the existing notes but will be fully guaranteed by Lumen Technologies on an unsecured basis. The company has applied to list the new notes on the New York Stock Exchange.

Concurrently, Qwest is soliciting consents to amend the indentures governing the existing notes. Holders must provide consent by tendering their notes, with a majority of outstanding principal amount required for amendments to become effective.

The exchange offers expire on May 26, 2026. Lumen plans to delist the existing notes from the NYSE and expects delisting to become effective around May 11, 2026. The company intends to file a Form 25 notification with the Securities and Exchange Commission around April 30, 2026.

Morgan Stanley serves as dealer manager for the transactions, while D.F. King acts as information agent and exchange agent. The offers are subject to SEC effectiveness of a registration statement and absence of legal impediments.