Lumen Announces a Refinancing of its Term Loans under the Level 3 Financing, Inc. Credit Agreement

Core Viewpoint - Lumen Technologies has successfully completed a refinancing transaction for Level 3 Financing, Inc., enhancing its financial flexibility and stability to support its transformation efforts [1][2]. Financial Transaction Summary - The refinancing involved replacing all existing term loans under the Credit Agreement with a new $2.4 billion term loan maturing in 2032, priced at Term SOFR + 4.25% [1]. - This refinancing results in a 30-month maturity extension on a blended basis and an interest rate reduction of 231 basis points, leading to annual interest savings exceeding $55 million [1]. - Additional modifications to the covenants in the Credit Agreement were made to provide further flexibility to Level 3 [1]. Company Positioning and Strategy - The company is focused on strengthening its financial position, with this refinancing being a key milestone in fortifying its balance sheet and freeing up capital for long-term growth [2]. - Lumen aims to establish itself as a trusted network for AI, leveraging its financial strength and market momentum to accelerate innovation and create value for customers, employees, and shareholders [2]. Company Overview - Lumen Technologies is dedicated to unleashing the world's digital potential by connecting people, data, and applications efficiently and securely [3]. - The company utilizes its extensive network to help businesses realize the full potential of AI, offering services ranging from metro connectivity to long-haul data transport and edge cloud capabilities [3].