Lumen Technologies, Inc. has announced that its subsidiary, Level 3 Financing, Inc., plans to offer an additional $600 million aggregate principal amount of its 8.500% senior notes due 2036. This offering is an extension of the initial $1.25 billion aggregate principal amount issued on December 23, 2025.
The net proceeds from this offering, along with available liquidity, will be used to fund the purchase of any existing second lien notes that were not purchased at early settlement and are validly tendered, as well as the payment of accrued and unpaid interest, fees, and expenses related to the tender offers. Additionally, the net proceeds will be used to pay fees and expenses related to the offering and for general corporate purposes.
On December 8, 2025, Level 3 Financing initiated cash tender offers to purchase several existing second lien notes and solicitations of consents to amend the indentures governing those notes. As a result, on December 23, 2025, Level 3 Financing purchased an aggregate amount of $1,568,804,800 of the existing second lien notes that were validly tendered and not withdrawn by the early settlement deadline.
The tender offers and consent solicitations are set to expire on January 7, 2026. The notes being offered will not be registered under the Securities Act of 1933, and may only be offered or sold to qualified institutional buyers or non-U.S. persons.
Lumen Technologies, Inc. describes itself as unleashing the world’s digital potential by connecting people, data, and applications, and using the scale of its network to help companies realize AI’s full potential.
The offering of additional senior notes and the tender offers for existing second lien notes reflect the company's strategic financial activities and its efforts to manage its debt obligations. The market has reacted to these announcements by moving the company's shares -1.03% to a price of $7.69. Check out the company's full 8-K submission here.
