Lumen completes redemption of Level 3 Financing Senior Notes and Qwest Notes

Rhea-AI Summary

Lumen Technologies (NYSE: LUMN) announced the successful redemption of $900 million of 5.375% Senior Notes due 2024 by its subsidiary Level 3 Financing Inc. on February 12, 2021. Additionally, on February 16, 2021, Qwest Corporation, another subsidiary, completed the redemption of $235 million of 7.00% Notes due 2056. Both redemptions were executed at par plus accrued interest, indicating a strategic move to manage debt and interest expenses.

Positive

• Successful redemption of $900 million Senior Notes improves debt management.
• Redemption of $235 million Qwest Notes enhances financial stability.

Negative

• None.

DENVER, Feb. 16, 2021 /PRNewswire/ -- Lumen Technologies Inc. (NYSE: LUMN) announced today that Level 3 Financing Inc. ("Level 3") and Qwest Corporation ("Qwest"), its indirect, wholly-owned subsidiaries, completed the following transactions.

On Feb. 12, 2021, Level 3 completed its previously announced redemption of all $900 million aggregate principal amount of its outstanding 5.375% Senior Notes due 2024 (the "Level 3 Notes") at par plus accrued and unpaid interest to, but excluding, the redemption date. Additional information regarding the redemption of the Level 3 Notes is available from Bank of New York Mellon.

On Feb. 16, 2021, Qwest completed its previously announced redemption of all $235 million aggregate principal amount of its outstanding 7.00% Notes due 2056 (the "Qwest Notes") at par plus accrued and unpaid interest to, but excluding, the redemption date. Additional information regarding the redemption of the Qwest Notes is available from U.S. Bank National Association.

About Lumen Technologies

Lumen is guided by our belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 route fiber miles and serving customers in more than 60 countries, we deliver the fastest, most secure platform for applications and data to help businesses, government and communities deliver amazing experiences.

Learn more about the Lumen network, edge cloud, security, communication and collaboration solutions and our purpose to further human progress through technology at news.lumen.com, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies Inc. 

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SOURCE Lumen Technologies

FAQ

What is the significance of Lumen's $900 million Senior Notes redemption on February 12, 2021?

The redemption signifies Lumen's strategic move to manage its debt effectively and reduce interest expenses.

What financial impact does the $235 million redemption of Qwest Notes have on Lumen Technologies?

The redemption enhances financial stability and reflects Lumen's commitment to prudent financial management.

When did Lumen Technologies announce the redemption of its senior notes?

Lumen announced the redemption of its senior notes on February 16, 2021.

How does Lumen Technologies plan to utilize the redeemed funds from the senior notes?

The announcement does not specify how Lumen will utilize the redeemed funds, but it typically indicates a reduction in interest liabilities.