Lumen Technologies Inc. (NYSE: LUMN) announced that its subsidiary Level 3 Financing Inc. completed a refinancing of its term loan facility on May 13, 2026.

Level 3 refinanced all outstanding secured term B-4 loan facilities under its existing credit agreement and entered into a third amendment to reduce pricing on the term loan facility. The company had $2.4 billion of outstanding borrowings under the term loan facility following the transaction.

The term loan facility will accrue interest at Level 3's option of either the base rate plus an applicable margin or one-, three- or six-month SOFR plus an applicable margin. The applicable margin for SOFR loans will be 2.75% and for base rate loans will be 1.75%. The facility includes a SOFR floor of 0.00% and matures on March 27, 2032.

The amendment enables Bank of America N.A. to automatically succeed Wilmington Trust National Association as administrative agent within 180 days of the amendment date. Level 3 may voluntarily prepay loans without premium or penalty, except for a 1.00% premium on repricing transactions within six months of the amendment date.

The facility is guaranteed by substantially all of Level 3's material wholly-owned domestic subsidiaries and includes a separate unsecured parent guarantee from Lumen Technologies that the company may release at its discretion. The term loan is secured by a first priority lien on substantially all of Level 3's and the guarantors' current and fixed assets.

The facility contains standard negative covenants restricting Level 3's ability to merge, incur debt, grant liens, pay dividends, prepay junior debt, sell assets, or enter affiliate transactions, subject to permitted exceptions.