Lumen Technologies Inc. (NYSE: LUMN) and its subsidiary Qwest Corporation entered into a support agreement with certain noteholders for approximately $456 million in debt exchange offers, the company announced.

Under the support agreement dated May 18, 2026, supporting noteholders committed to tender about $296.5 million of existing 6.5% notes due 2056 and $159.5 million of 6.75% notes due 2057 by June 2, 2026. The noteholders will receive new notes on a par-for-par basis, with the new 6.500% notes due 2051 or 6.750% notes due 2052 to be guaranteed by Lumen.

Lumen amended the terms of its previously announced exchange offers through a post-effective amendment to its Form S-4 registration statement. The company eliminated the early tender participation date and extended both the expiration date and withdrawal deadline to June 9, 2026.

The exchange offers allow Qwest to swap existing 2056 notes for new 6.500% 2051 notes, and existing 2057 notes for either new 6.750% 2052 notes or new 6.500% 2051 notes.

The support agreement will terminate automatically under several conditions, including mutual consent, public announcement of exchange offer termination, adverse changes, or by June 30, 2026.

The exchange offers and consent solicitations remain subject to Securities and Exchange Commission approval and other conditions. The registration statement has been filed but not yet declared effective.

D.F. King & Co. serves as information agent and exchange agent, while Morgan Stanley & Co. acts as dealer manager for the transactions.