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Lumen Technologies | 8-K: Current report

SEC announcement ·  Mar 22 10:37
Summary by Moomoo AI
On March 22, 2024, Lumen Technologies, Inc. announced the successful completion of its amended and restated transaction support agreement (TSA) with certain creditors, which was initially entered into on January 22, 2024. The TSA transactions involved over $15 billion of the company's and its subsidiaries' outstanding indebtedness and commitments. High participation rates were achieved in the term loan transactions, with 94.4% for Lumen TLA/A-1 term loans, 98.5% for Lumen TLB term loans, and 99.5% for Level 3 TLB term loans. The completion of the TSA transactions has significantly improved Lumen's liquidity position, including the establishment of a new $1 billion revolving credit facility and the private placement of $1.325 billion in senior secured notes. The company's near-term debt maturity profile has also been enhanced, with substantial...Show More
On March 22, 2024, Lumen Technologies, Inc. announced the successful completion of its amended and restated transaction support agreement (TSA) with certain creditors, which was initially entered into on January 22, 2024. The TSA transactions involved over $15 billion of the company's and its subsidiaries' outstanding indebtedness and commitments. High participation rates were achieved in the term loan transactions, with 94.4% for Lumen TLA/A-1 term loans, 98.5% for Lumen TLB term loans, and 99.5% for Level 3 TLB term loans. The completion of the TSA transactions has significantly improved Lumen's liquidity position, including the establishment of a new $1 billion revolving credit facility and the private placement of $1.325 billion in senior secured notes. The company's near-term debt maturity profile has also been enhanced, with substantial reductions in outstanding maturities for the years 2025 to 2027. Lumen's President and CEO, Kate Johnson, and CFO, Chris Stansbury, expressed gratitude for the support from stakeholders and confidence in the company's transformation strategy. The company's strengthened financial flexibility is expected to support its return to growth and business transformation plans.

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