Loan & DebtMay 20, 2026, 04:53 PM
Qwest Amends Note Exchange Offers, Secures $456M Tender
AI Summary
Lumen Technologies, Inc. and its wholly-owned subsidiary Qwest Corporation entered into a Support Agreement with certain noteholders regarding its previously announced exchange offers. Under the agreement, supporting noteholders committed to tender approximately $456 million of Old Qwest Notes. Qwest also amended the terms of its exchange offers, eliminating the early tender participation date and extending the expiration and withdrawal deadline to June 9, 2026, for the exchange of existing notes for new notes due 2051 and 2052.
Key Highlights
- Qwest and Lumen entered a Support Agreement with certain noteholders on May 18, 2026.
- Supporting Noteholders agreed to tender approximately $456 million of Old Qwest Notes.
- This includes $296.5 million of Existing 2056 Notes and $159.5 million of Existing 2057 Notes.
- Exchange offers amended for Existing 2056 Notes for New 6.500% Notes due 2051.
- Existing 2057 Notes can be exchanged for New 6.750% Notes due 2052 or New 6.500% Notes due 2051.
- The early tender participation date for the Exchange Offers has been eliminated.
- Expiration and withdrawal deadline extended to June 9, 2026, at 5 p.m. ET.
- The Support Agreement will terminate if the Exchange Offers are not consummated by June 30, 2026.
Price Impact
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