Lumen completes TSA transactions

Lumen Technologies announced the successful completion of the transactions contemplated by the previously announced amended and restated transaction support agreement that the company, Level 3 Financing, and Qwest Corporation entered into with certain of the company’s creditors. Lumen achieved participation in the TSA transactions of over $15B of outstanding indebtedness and commitments of the company and its subsidiaries. With respect to the term loan transactions open to all lenders, the company achieved 94.4% participation for the Lumen TLA/A-1 term loans, 98.5% for the Lumen TLB term loans and 99.5% for the Level 3 TLB term loans. The broad support for the TSA transactions across the company’s capital structure demonstrates creditors’ and stakeholders’ belief in Lumen’s turnaround plan and pivot to growth strategy. Following the closing of the TSA transactions, Lumen is in a strengthened liquidity position, including as a result of closing a new approximately $1B revolving credit facility maturing in June 2028 and completing the private placement of $1.325B aggregate principal amount of senior secured notes due November 2029.