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Lumen Technologies, Inc. and Qwest Corporation Announce Commencement of Exchange Offers and Consent Solicitations and Intention to Delist Notes

LUMN
  • Lumen Technologies and its subsidiary Qwest have commenced exchange offers to swap outstanding 6.5% Notes due 2056 and 6.75% Notes due 2057 for new 6.500% Notes due 2056 and 6.750% Notes due 2057, respectively.
  • The New Qwest Notes will carry the same interest rates, maturities, payment dates, and redemption prices as the Old Qwest Notes while being fully guaranteed by Lumen on an unsecured basis.
  • Holders tendering Old Qwest Notes prior to the Early Participation Date of May 8, 2026, receive Early Exchange Consideration consisting of $25 principal amount of New Notes, a $0.75 principal amount Early Participation Premium, and a $0.0625 cash Early Consent Fee per $25 of Old Notes.
  • Holders tendering after the Early Participation Date but before the Expiration Date of May 26, 2026, receive only $24.25 principal amount of New Notes per $25 of Old Notes without the premium or fee.
  • Qwest is soliciting consents to amend the Old Qwest Indentures, requiring a majority of the outstanding aggregate principal amount for adoption, though receipt of consents is not a condition for the exchange offers.
  • Tenders and consents may be withdrawn or revoked until 5 p.m. ET on May 8, 2026, with no withdrawals permitted thereafter unless Qwest elects to amend the terms or law requires it.
  • Retail brokers may receive a $0.03 soliciting dealer fee per $25 of Old Notes tendered for clients holding $250,000 or less in aggregate principal amount.
  • Qwest intends to delist the Old Qwest Notes from the NYSE and cease SEC reporting on April 30, 2026, with delisting expected to become effective around May 11, 2026.
  • Lumen has applied to list the New Qwest Notes on the NYSE, with trading expected to begin on the original issue date or promptly thereafter.
  • The exchange offers are subject to conditions including SEC declaration of the Registration Statement on Form S-4 and the absence of legal impediments.