Jane Edwards
Lumen Technologies has finalized the transactions outlined in the amended and restated transaction support agreement, a milestone that enables the company to execute its business transformation strategy.
The communications services provider and its subsidiaries Level 3 Financing and Qwest signed the TSA with certain creditors.
Lenders had been asked to participate in the TSA transactions, with Lumen saying Friday it reached 94.4 percent participation for the Lumen TLA/A-1 term loans, 98.5 percent for the Lumen TLB term loans and 99.5 percent for the Level 3 TLB term loans.
“This is a significant milestone that clears the runway for our transformation and signals confidence in our strategy and progress,” said Kate Johnson, president and CEO of Lumen. “The transaction provides the time and capital to fuel our return to growth.”
Lumen reported significant improvement in its near-term debt maturity profile and mentioned the completion of a revolving credit facility worth approximately $1 billion, which will mature in June 2028, and the private placement of $1.325 billion aggregate principal amount of senior secured notes due November 2029.
Guggenheim Securities and Wachtell, Lipton, Rosen & Katz respectively served as financial adviser and legal counsel to Lumen.
