Lumen Technologies (LUMN) has released an update to notify the public and investors about an entry into a material definitive agreement.
Lumen Technologies, Inc. and related parties amended their Transaction Support Agreement to extend debt maturities, increase financial flexibility, and secure new funding through a series of transactions. The amended agreement includes a $1.325 billion long-term debt issuance, a new $1 billion credit facility, exchanges, and other debt transactions for debt maturity extensions and covenant modifications. These transactions are expected to be completed in the first quarter of 2024, subject to closing conditions. Some transactions will be available to all holders, while others will be private, with potential follow-on transactions for non-participating debt discussed post-completion.
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