Lumen Technologies Launches Exchange Offers for Unsecured Notes
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Lumen Technologies Launches Exchange Offers for Unsecured Notes
Lumen Technologies, Inc. (NYSE: LUMN) has recently announced its initiation of exchange offers for various outstanding unsecured senior notes. The offers involve exchanging these notes for newly issued superpriority senior secured notes. Additionally, Level 3 Financing, Inc., a wholly-owned subsidiary of Lumen, is also offering to replace its unsecured senior notes with newly issued second lien secured notes.
Details of the Lumen Exchange Offers
The Lumen Exchange Offers include the following:
- 5.125% Senior Notes due 2026 are being offered for newly issued 10.000% Secured Notes due 2032.
- 4.000% Senior Secured Notes due 2027 will be exchanged for New Lumen Notes.
- 6.875% Debentures, Series G, due 2028 will also be exchanged for New Lumen Notes.
- 4.500% Senior Notes due 2029 are part of this exchange as well.
These exchanges are subject to certain caps: the total for New Lumen Notes is capped at $500 million, while $100 million is allocated for the 2029 Lumen Notes.
Exchange Acceptance Priority Levels
Each type of note will be accepted for exchange based on an Acceptance Priority Level. This means that notes with a higher priority will be processed before those with lower priority. In cases where all notes of a specified priority have been accepted, those of the next priority level will be considered.
Level 3 Exchange Offers Overview
In conjunction with the Lumen offers, Level 3 is providing the following exchange opportunities:
- 3.400% Senior Secured Notes due 2027 for newly issued 10.000% Second Lien Notes due 2032.
- 4.625% Senior Notes due 2027 will be exchanged for New Level 3 Notes.
- 4.250% Senior Notes due 2028 will also be part of the exchange.
Level 3 has set a notes cap of $350 million for the new notes offered in these exchanges.
Understanding the Exchange Process
The exchange process is designed to ensure that all subject notes tendered with a higher priority will be considered before those with a lesser priority. In addition, those who submit their notes before the Early Tender Time will have priority over those submitting later, despite priority levels.
Important Deadlines
The exchange offers will have definitive time frames for participation:
Eligible holders must tender their notes by 5:00 PM on the specified dates to receive the applicable consideration. Withdrawal of tendered notes must occur by certain deadlines after which they cannot be retracted.
About Lumen Technologies
Lumen Technologies focuses on connecting individuals, data, and applications to drive business growth. They leverage their robust network to provide diverse services including metro connectivity, long-haul data transport, and cloud solutions.
Frequently Asked Questions
What are the Lumen Exchange Offers?
The Lumen Exchange Offers allow the exchange of various outstanding unsecured senior notes for newly issued secured notes.
Who is eligible to participate in these offers?
Eligible holders of the subject notes can participate in the exchange offers, provided they meet certain criteria outlined in the respective Offering Memoranda.
What is the deadline to participate in the exchange offers?
The deadlines vary, with significant dates set for early and late tender submissions which must be adhered to by holders.
What is the significance of Acceptance Priority Levels?
Acceptance Priority Levels determine the order in which tendered notes are exchanged, ensuring higher priority notes are processed first.
How does Lumen Technologies support its customers?
Lumen leverages its extensive network to deliver services tailored to meet the evolving demands of its clients, ensuring they are equipped for future growth.
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