Lumen Closes $2B First Lien Notes Offering Due 2033 To Strengthen Capital Structure And Redeem High-Interest Debt

Closes $2 Billion of First Lien Notes Due 2033

As part of an ongoing financial strategy to strengthen its capital structure and accelerate its transformation into a leading digital network services company, Lumen Technologies, Inc. ("Lumen", "us," "we" or "our") (NYSE:LUMN) today announced that its wholly-owned subsidiary, Level 3 Financing, Inc. ("Level 3 Financing"), has closed its previously announced offering of $2.0 billion aggregate principal amount of 6.875% First Lien Notes due 2033 (the "First Lien Notes"). The First Lien Notes have a maturity date of June 30, 2033, and are guaranteed and secured on a first lien basis by Level 3 Parent, LLC, the direct parent of Level 3 Financing, and certain unregulated subsidiaries of the Issuer. Level 3 Financing used the net proceeds from the offering, together with cash on hand, to redeem all $924.522 million aggregate principal amount of Level 3 Financing's first lien 10.500% Senior Secured Notes due 2030 and all $667.711 million aggregate principal amount of Level 3 Financing's 10.500% First Lien Notes due 2029, and to partially redeem $166.565 million aggregate principal amount of Level 3 Financing's 11.000% First Lien Notes due 2029, in each case, including payment of redemption premium, and to pay related fees and expenses.