Lumen announces broad agreement with creditors for $1.2B of financing

Lumen Technologies on Tuesday announced that it has entered into a transaction support agreement with a group of creditors holding over $7B of the outstanding indebtedness of the company and its subsidiaries to, among other things, extend maturities of the debt instruments of the company and Level 3 Financing, Inc. In addition, the creditors have committed to provide $1.2B of financing to the company through new long-term debt. The consummation of the transactions contemplated by the transaction support agreement is subject to the satisfaction of various closing conditions. “After several months of constructive discussions, we are pleased to have reached this agreement. This transaction will position the Company to better align our balance sheet with our current business needs,” said Kate Johnson, President and CEO of the company. “As we move forward, we remain focused on executing our strategic transformation and delivering excellent value to our customers.”