Lumen signs transaction support agreement with group of creditors

Lumen has entered into an amended and restated transaction support agreement, or TSA, with a group of creditors who now represent, in the aggregate, over $12.5B of the outstanding indebtedness and commitments of the company and its subsidiaries and represent over 70% in the aggregate of Lumen and Level 3 debt maturing through 2027. The amended TSA is supported by a larger group of creditors across more of Lumen’s capital structure than the previous agreement. The TSA will, among other things, extend debt maturities to primarily 2029 and beyond, provide $1.325B of financing to the company through new long-term debt and provide access to a new revolving credit facility in an amount expected to be approximately $1B. Lumen expects to complete the transactions contemplated by the TSA in Q1, subject to the satisfaction of limited remaining closing conditions. Lumen plans to make certain term loan transactions available to all holders in connection with the consummation of such transactions. The company does not plan to make such transactions available to all holders in connection with the consummation of such transactions. Following consummation of the TSA transactions, Lumen may assess potential follow-on transactions with respect to non-participating debt.