Lumen Technologies, Inc. (NYSE: LUMN) (Lumen) has announced its wholly owned subsidiary, Level 3 Financing, Inc. (Level 3 Financing) has completed its cash tender offers to purchase any and all of Level 3 Financing’s (1) 4.000% second lien notes due 2031, (2) 3.875% second lien notes due 2030, (3) 4.500% second lien notes due 2030, and (4) 4.875% second lien notes due 2029. As of the expiration date, approximately US$2.176 billion aggregate principal amount of existing second lien notes were validly tendered and not validly withdrawn.
In addition, Level 3 Financing completed offerings of sell US$650 million aggregate principal amount of its 8.500% senior notes due 2036, which represents a US$50 million increase from the initially announced size of the offering, as well as US$1.25 billion aggregate principal amount of its 8.500% senior notes due 2036, representing a US$500 million increase from the initially announced size of the offering.
Latham & Watkins LLP represents Lumen in the transactions with a Capital Markets and Liability Management team led by New York partners John Sobolewski and Benjamin Stern, with associates Shawn Quinn, Gabriella Tang, and Samantha Pannone.
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