Loan & DebtMay 7, 2026, 06:09 AM
Lumen Subsidiary Offers $1B Senior Notes, Launches Tender Offers
AI Summary
Lumen Technologies announced that its subsidiary, Level 3 Financing, Inc., plans to offer $1 billion aggregate principal amount of 7.500% Senior Notes due 2037 in a private offering. Concurrently, Level 3 Financing, Lumen, and Qwest Capital Funding, Inc. commenced cash tender offers to purchase various outstanding notes up to an aggregate purchase price of $750 million. The net proceeds from the new note offering will be used to fund these tender offers and for general corporate purposes. The offering is expected to close on May 21, 2026.
Key Highlights
- Level 3 Financing, a Lumen subsidiary, plans to offer $1 billion in 7.500% Senior Notes due 2037.
- The new notes were priced at 100.000% of their aggregate principal amount.
- Lumen, Level 3 Financing, and Qwest Capital Funding commenced cash tender offers for existing notes.
- The tender offers target an aggregate purchase price of $750 million, excluding accrued interest.
- Existing notes from Level 3 Financing, Lumen, and QCF are targeted in the tender offers.
- The Early Tender Deadline is May 19, 2026, and the Expiration Date is June 4, 2026.
- Proceeds from the new notes will fund the tender offers and general corporate purposes.
- The offering of the new notes is expected to close on May 21, 2026.