WASHINGTON (dpa-AFX) - Lumen Technologies, Inc. (LUMN), a networking company, Monday announced that its subsidiary Level 3 Financing, Inc. plans to offer $750 million senior notes that are due 2036.
The company intends to use the proceeds from the Senior notes offering along with any other available liquidity to purchase its existing Second Lien Notes and with the remaining amount not utilized on the Second Lien Notes for general corporate purposes.
The Existing Second Lien Notes to be purchased in the tender offers are 4 percent Second Lien Notes due 2031, 3.875 percent Second Lien Notes due 2030, 4.5 percent Second Lien Notes due 2030 and 4.875 percent Second Lien Notes due 2029 bringing the aggregate purchase price excluding accrued and unpaid interest to $1 billion.
In connection with the Tender Offers, Level 3 Financing also intends to commence the solicitation of consents (the 'Consent Solicitations') to amend the indentures governing each series of Existing Second Lien Notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default and release all of the collateral securing the obligations of Level 3 Financing and the guarantors under the applicable indenture governing such series of Existing Second Lien Notes, the company said in a statement.
The Tender Offers and Consent Solicitations will expire on January 7, 2026. Holders of the Existing Second Lien Notes must tender their second lien notes prior to or at December 19 to receive the total consideration.
In pre-market LUMN shares were trading ay $8.27, up 0.31% on the New York Stock Exchange.
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