Lumen Technologies, Inc. (LUMN) announced that its wholly-owned subsidiary, Level 3 Financing, Inc., has agreed to sell $1.25 billion aggregate principal amount of 8.500% Senior Notes due 2036. This represents a $500 million increase from the previously announced size of the offering.
The Notes were priced at 100% of their aggregate principal amount and will mature on January 15, 2036. Upon issuance, they will be fully and unconditionally guaranteed, on an unsubordinated and unsecured basis, by Level 3 Parent, LLC—the direct parent of Level 3 Financing—and certain unregulated subsidiaries.
Level 3 Financing intends to use the net proceeds, together with cash on hand or other available liquidity, to purchase its existing Second Lien Notes through tender offers and to pay related fees and expenses. Any remaining proceeds will be used for general corporate purposes.
The offering is expected to close on December 23, 2025, subject to customary closing conditions.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.