Lumen Technologies' wholly-owned subsidiary, Level 3 Financing, Inc., announced it has agreed to sell $2.0 billion aggregate principal amount of its 6.875% First Lien Notes due 2033. This represents a $1.0 billion increase from the previously announced size of the offering.
The First Lien Notes were priced to investors at par and will mature on June 30, 2033. The proceeds from this offering, combined with cash on hand, are intended to redeem all $924.522 million of Level 3 Financing’s 10.500% Senior Secured Notes due 2030 and all $667.711 million of its 10.500% First Lien Notes due 2029.
Additionally, a portion of Level 3 Financing’s 11.000% First Lien Notes due 2029 will be partially redeemed. This refinancing strategy aims to extend debt maturities and reduce overall interest expense, strengthening Lumen's financial position.
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