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Qwest Corporation submitted a Form 25 notifying removal of listed registration under Section 12(b) for its 6.5% Notes due 2056 and 6.75% Notes due 2057 from the New York Stock Exchange. The filing cites Commission File Number 001-03040 and is dated April 30, 2026.
Qwest Corporation is offering exchange offers to swap outstanding 6.5% Notes due 2056 and 6.75% Notes due 2057 for new Qwest notes that will be fully and unconditionally guaranteed by Lumen Technologies, Inc. The exchange covers $977,500,000 of 2056 Notes and $660,000,000 of 2057 Notes. Holders who validly tender prior to the Early Participation Date of 5:00 p.m., New York City time, May 8, 2026 are eligible for the Early Exchange Consideration (including a $0.75 per $25 Early Participation Premium and a $0.0625 per $25 Early Consent Fee). Tenders after the Early Participation Date but before the Expiration Date of 5:00 p.m., New York City time, May 26, 2026 receive $24.25 per $25 principal amount of New Qwest Notes. The New Qwest Notes keep the same coupon, maturity, interest dates and ranking described in the prospectus; Qwest will not receive cash proceeds from the exchange.
Qwest Corporation is conducting exchange offers to exchange outstanding 6.5% Notes due 2056 and 6.75% Notes due 2057 for new Qwest notes that will be guaranteed by Lumen Technologies, Inc.
Holders who validly tender by the Early Participation Date of May 8, 2026 may receive an Early Exchange Consideration that includes a $0.75 early participation premium per $25 principal and an Early Consent Fee of $0.0625 in cash; later tenders through the Expiration Date of May 26, 2026 receive the Exchange Consideration of $24.25 per $25 principal. The exchange offers are subject to conditions described in the prospectus and, if the Requisite Consents are obtained, certain covenants in the relevant old indentures would be eliminated.
Qwest Corporation, an indirect wholly owned subsidiary of Lumen Technologies, provides digital networking services to business and remaining mass‑market customers over a largely fiber-based network. The company focuses on enterprise connectivity, optical and ethernet services, and legacy voice and private line offerings managed for cash flow.
A major strategic shift was the February 2, 2026 completion of the sale of its Mass Markets Fiber-to-the-Home business in 11 states to AT&T for $5.75 billion in gross cash proceeds, subject to adjustments. Qwest also exited the Rural Digital Opportunity Fund program, reversing related revenue of $11 million and recognizing $12 million of fees, followed by a $26 million repayment in January 2026.
As of December 31, 2025, Qwest employed about 9,100 people, with roughly 43% represented by CWA or IBEW unions. The filing highlights extensive business risks, including intense competition, rapid technology change and AI-related uncertainty, high debt across the Lumen group, cybersecurity threats, complex telecom regulation, climate and environmental exposure, divestiture execution challenges, and dependence on key vendors, customers, and government programs.
Qwest Corporation reported lower third‑quarter results as it prepares to divest a major fiber business. Total operating revenue was $1,161 million versus $1,363 million a year ago, with declines across Other Broadband, Voice and Other, Fiber Broadband, legacy Harvest, and Nurture, plus lower Affiliate Services. Operating income was $243 million versus $498 million; net income was $176 million versus $365 million.
The company classified the Mass Markets fiber‑to‑the‑home business as held for sale and expects to sell it with certain affiliates to AT&T for a pre‑tax total of $5.75 billion, subject to adjustments, with closing anticipated in early 2026. Assets held for sale were $2,689 million and liabilities held for sale were $13 million as of September 30, 2025. Depreciation on the disposal group was suspended, reducing Q3 depreciation by an estimated $25 million.
For the nine months, operating cash flow was $1,360 million, capital expenditures were $582 million, and interest income from affiliates rose on a $937 million note receivable. Long‑term debt was $1,689 million (fair value $1,336 million). Litigation and non‑income tax accruals totaled $70 million.