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Lumen Technologies Inc. - Exchange Offer - Early Tender Results and Update

Lumen Announces Early Tender Results and Modification of Exchange Offers for Lumen Senior Notes


30 MARCH 2023


Full announcement with full disclosures and disclaimers available via Lumen



"DENVER, March 30, 2023 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE: LUMN) ("Lumen") announced the early results of the previously announced offers by its indirect, wholly-owned subsidiary, Level 3 Financing, Inc. (the "Issuer"), to issue senior secured notes in exchange for senior unsecured notes of Lumen (each, an "Exchange Offer," and collectively, the "Exchange Offers").


As previously announced, the Issuer has offered to issue up to $1,100,000,000 principal amount (the "New Notes Cap") of new 10.500% Senior Secured Notes due 2030 of the Issuer (the "New Notes") in exchange for validly tendered (and not validly withdrawn) outstanding senior unsecured notes of Lumen listed in the table below (collectively, the "Lumen Notes") upon the terms and conditions set forth in the offering memorandum, dated March 16, 2023 (the "Offering Memorandum"), as amended by the change described in this press release.


Lumen and the Issuer today also announced that the Issuer has increased the 2029 Combined Cap (as described in the table below) from $400,000,000 to hereinafter equal $460,000,000; otherwise, the terms of the Exchange Offers remain unchanged as set forth in the Offering Memorandum.


Based on data provided by Global Bondholder Services Corporation, the following table sets forth the approximate aggregate principal amount of each series of Lumen Notes that were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on March 29, 2023 (the "Early Tender Date")."



 

Exchange Offers for Lumen Senior Notes


16 MARCH 2023


Full announcement available via Lumen


"DENVER, March 16, 2023 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE: LUMN) ("Lumen") announced that its indirect, wholly owned subsidiary, Level 3 Financing, Inc. (the "Issuer"), has commenced offers to issue senior secured notes in exchange for senior unsecured notes of Lumen.

Specifically, the Issuer has commenced offers to issue up to $1,100,000,000 principal amount (the "New Notes Cap") of new 10.500% Senior Secured Notes due 2030 of the Issuer (the "New Notes") in exchange for validly tendered outstanding senior notes issued by Lumen listed in the table below (collectively, the "Lumen Notes") upon the terms and conditions set forth in the offering memorandum, dated March 16, 2023 (the "Offering Memorandum").


The following table sets forth each series of Lumen Notes subject to the Exchange Offers, the acceptance priority level (the "Acceptance Priority Level") for such series and the applicable consideration offered for such series in the applicable exchange offer (each, an "Exchange Offer" and collectively, the "Exchange Offers")."




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