Lumen Technologies reached an agreement with a group of creditors holding over $7 billion 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 $1.2 billion of financing to the company through new long-term debt.
“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 Chief Executive Officer of the Company. “As we move forward, we remain focused on executing our strategic transformation and delivering excellent value to our customers.”