{"success":true,"data":{"pressRelease":{"id":"40722","rtpr_id":"nBw8TNcGSa","ticker":"LUMN","exchange":"NYSE","all_tickers":["LUMN"],"title":"Lumen Technologies, Inc. Announces Early Results of Previously Announced Tender Offers  ","author":"Business Wire","published_at":"2026-05-20T12:45:00.083Z","article_body":"Lumen Technologies, Inc. Announces Early Results of Previously Announced\nTender Offers  \n\nLumen Technologies, Inc.\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.lumen.com%2Fen-us%2Fhome.html&esheet=54539029&newsitemid=20260519087412&lan=en-US&anchor=Lumen+Technologies%2C+Inc.&index=1&md5=f886b481fba0a35d35d6b4a63b8a1608)\n(“Lumen,” “us,” “we” or “our”) (NYSE: LUMN) today announced\nthe early results of the previously announced cash tender offers (each, a\n“Tender Offer”) pursuant to which Level 3 Financing, Inc. (“Level 3\nFinancing”), Lumen and Qwest Capital Funding, Inc. (“QCF”, together with\nLevel 3 Financing and Lumen, each an “Offeror”, and collectively, the\n“Offerors”) are offering to purchase the outstanding notes described\nbelow, pursuant to, and on the terms and subject to the conditions set forth\nin, an Offer to Purchase, dated May 6, 2026 (the “Statement”). Capitalized\nterms used and not defined in this press release have the meanings given to\nthem in the Statement.\n\nThe notes offered to be purchased in the Tender Offers, listed in the order of\npriority, are (i) Level 3 Financing’s outstanding 4.250% Senior Notes due\n2028, 3.625% Senior Notes due 2029, 3.750% Sustainability-Linked Senior Notes\ndue 2029, 3.875% Senior Secured Notes due 2029 (formerly secured), 4.875%\nSecond Lien Notes due 2029 (formerly secured), 4.500% Second Lien Notes due\n2030 (formerly secured), 3.875% Second Lien Notes due 2030 (formerly secured),\nand 4.000% Second Lien Notes due 2031 (formerly secured) (collectively, the\n“Level 3 Notes”), (ii) Lumen’s outstanding 6.875% Debentures, Series G,\ndue 2028, 4.500% Senior Notes due 2029, and 5.375% Senior Notes due 2029\n(collectively, the “Lumen Notes”), and (iii) QCF’s outstanding 6.875%\nNotes due 2028 (the “QCF Notes”, and together with the Level 3 Notes and\nthe Lumen Notes, the “Existing Group Tender Notes”) up to an aggregate\npurchase price, excluding accrued and unpaid interest, of $750 million (the\n“Aggregate Maximum Tender Cap”).\n\nThe Withdrawal Deadline has passed and the Existing Group Tender Notes\ntendered pursuant to the Tender Offers may no longer be withdrawn, except in\nthe limited circumstances described in the Statement. As of 5:00 p.m. ET, on\nMay 19, 2026 (the “Early Tender Deadline”), approximately $1,411.4 million\naggregate principal amount of Existing Group Tender Notes were validly\ntendered and not validly withdrawn, and approximately $765.9 million have been\naccepted for purchase with Total Consideration up to the Aggregate Maximum\nTender Cap, in each case as set forth in more detail in the table below. The\nsettlement date for Existing Group Tender Notes validly tendered and not\nvalidly withdrawn on or prior to the Early Tender Deadline and accepted for\npurchase is expected to occur on May 21, 2026 (the “Early Settlement\nDate”).\n Issuer and Offeror   Series of Existing Group Tender Notes   CUSIP Number((1))   Aggregate Principal Amount Outstanding prior to the Tender Offers   Acceptance Priority Level   Principal Amount Tendered at Early Tender Deadline   Principal Amount Accepted for Purchase   Total Consideration((2)(3)) \n Level 3 Financing, Inc.   4.250% Senior Notes   527298 BR3/ U52783 AW4   $178,096,000   1   $172,416,000   $172,416,000   $171,338,400.00 \n \n \n \n \n \ndue 2028 \n  \n  \n \n \n \n  \n Level 3 Financing, Inc.   3.625% Senior Notes   527298 BS1/ U52783 AX2   $300,314,000   2   $291,771,000   $291,771,000   $285,206,152.50 \n \n \n \n \n \ndue 2029 \n  \n  \n \n \n \n  \n Level 3 Financing, Inc.   3.750% Sustainability-Linked Senior Notes due 2029   527298 BT9/ U52783 AY0   $361,276,000   3   $348,763,000   $301,753,000   $293,454,792.50 \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   3.875% Senior Secured Notes due 2029 (formerly secured)   527298BQ5/ U52783AV6   $53,883,000   4   $53,606,000   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   4.875% Second Lien Notes due 2029 (formerly secured)   527298CB7/ U52783BE3/ 527298CC5   $9,706,000   5   $9,681,000   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   4.500% Second Lien Notes due 2030 (formerly secured)   527298CD3/ U52783BF0/ 527298CE1   $1,618,300   6   $1,618,300   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   3.875% Second Lien Notes due 2030 (formerly secured)   527298CF8/ U52783BG8/ 527298CG6   $20,048,400   7   —   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   4.000% Second Lien Notes due 2031 (formerly secured)   527298CH4/ U52783BH6/ 527298CJ0   $20,385,000   8   $4,685,000   —   — \n \n \n \n \n \n(all the above notes issued by Level 3 Financing, Inc., collectively, the \n  \n  \n “Level 3 Notes”) \n Lumen Technologies, Inc.   6.875% Debentures, Series G, due 2028   156686AM9   $130,730,000   9   $30,082,000   —   — \n \n \n \n \n \n  \n  \n  \n Lumen Technologies, Inc.   4.500% Senior Notes due 2029   156700 BD7/ U1566P AD7   $299,629,000   10   $270,529,000   —   — \n \n \n \n \n \n  \n  \n  \n Lumen Technologies, Inc.   5.375% Senior Notes due 2029   550241AA1/ U54985AA1   $231,544,000   11   $214,645,000   —   — \n \n \n \n \n(all of the above notes issued by Lumen Technologies, Inc., the “Lumen \n  \n Notes”) \n \n \n \n  \n Qwest Capital Funding, Inc.   6.875% Notes due 2028 (the “QCF Notes”)   912912AQ5   $49,582,000   12   $13,626,000   —   — \n \n \n \n \n \n  \n  \n  \n\n (1) No representation is made as to the correctness or accuracy of the CUSIP \n numbers listed above or printed on the Existing Group Tender Notes. They are \n provided solely for the convenience of holders of the Existing Group Tender \n Notes. \n (2) Total consideration for each Existing Group Tender Notes validly tendered \n (and not validly withdrawn) and accepted for purchase by the applicable \n Offeror. Excludes Accrued Interest, which will be paid on Existing Group \n Tender Notes accepted for purchase by the applicable Offeror as described in \n the Statement. \n (3) Includes the Early Tender Premium for Existing Group Tender Notes validly \n tendered at or prior to the Early Tender Deadline (and not validly withdrawn) \n and accepted for purchase by the applicable Offeror. \n\n\nIn addition to the applicable Total Consideration, accrued and unpaid interest\nfrom the last interest payment date up to, but not including, the applicable\nsettlement date, will be paid by the applicable Offeror in same day funds on\nthe Early Settlement Date or Final Settlement Date, as applicable, on all\nvalidly tendered Existing Group Tender Notes accepted for purchase in the\nTender Offers.\n\nThe Tender Offers will expire at 5:00 p.m. ET, on June 4, 2026 unless\nextended, earlier expired or terminated (such time and date, as the same may\nbe extended, earlier expired or terminated with respect to one or more series\nof Existing Group Tender Notes, the “Expiration Date”). The Final\nSettlement Date is currently expected to occur on June 8, 2026. No tenders\nwill be valid if submitted after the Expiration Date. Because the aggregate\npurchase price of Existing Group Tender Notes validly tendered and not validly\nwithdrawn at or prior to the Early Tender Deadline exceeds the Aggregate\nMaximum Tender Cap, the Offerors do not expect to accept any further tenders\nof Notes.\n\nGeneral\n\nIn connection with the Tender Offers, the Offerors have retained Wells Fargo\nSecurities, LLC, to act as Lead Dealer Manager and Goldman Sachs & Co.\nLLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Citigroup Global\nMarkets Inc. and Morgan Stanley & Co. LLC to act as Dealer Managers, and\nCitizens JMP Securities, LLC, RBC Capital Markets, LLC, Truist Securities,\nInc. and U.S. Bancorp Investments, Inc. to act as Co-Dealer Managers (the\n“Dealer Managers”), and D.F. King & Co., Inc. to act as the\ninformation agent and the tender agent (in such capacity, the “Tender and\nInformation Agent”) in connection with the Tender Offers. Requests for\nassistance or copies of the Statement or any other documents related to the\nTender Offers may be directed to the Information and Tender Agent at the\ncontact details set forth below. Questions in relation to the Tender Offers\nmay be directed to the Dealer Managers and Tender and Information Agent at the\naddresses and telephone numbers set forth below.\n\nThis announcement is for informational purposes only and is not an offer to\npurchase or sell or a solicitation of an offer to purchase or sell, with\nrespect to any securities. The Tender Offers are being made only pursuant to\nthe terms of the Statement. None of Level 3 Financing, Lumen, QCF, the Tender\nand Information Agent, the Dealer Managers, or any trustee makes any\nrecommendation as to whether Holders should tender their notes pursuant to the\napplicable offer, and no one has been authorized by any of them to make such a\nrecommendation. Holders must make their own decisions as to whether to tender\ntheir notes, and, if so, the principal amount of the notes to tender.\n\nThe Tender Offers are not being made to Holders in any jurisdiction in which\nthe making or acceptance thereof would not be in compliance with the\nsecurities, blue sky or other laws of such jurisdiction. In any jurisdiction\nin which the Tender Offers are required to be made by a licensed broker or\ndealer, the Tender Offers will be deemed to be made on behalf of the Offerors\nby the Dealer Managers, or one or more registered brokers or dealers that are\nlicensed under the laws of such jurisdiction.\n\nThe Lead Dealer Manager\n\nWells Fargo Securities, LLC\n\n550 South Tryon Street, 5th Floor\n\nCharlotte, North Carolina 28202\n\nAttention: Liability Management Group\n\nCollect: (866) 309-6316\n\nToll-Free: (704) 410-4235\n\nThe Tender and Information Agent\n\nD.F. King & Co., Inc.\n\n28 Liberty Street, 53rd Floor\n\nNew York, New York 10005\n\nAttn: Michael Horthman\n\nBanks and Brokers Call: (212) 257-2075\n\nAll Others Call Toll Free: (800) 755-3105\n\nEmail: lumen@dfking.com (mailto:lumen@dfking.com)\n\nAbout Lumen Technologies\n\nLumen is unleashing the world's digital potential. We ignite business growth\nby connecting people, data, and applications – quickly, securely, and\neffortlessly. As the trusted network for AI, Lumen uses the scale of our\nnetwork to help companies realize AI's full potential. From metro connectivity\nto long-haul data transport to our edge cloud, security, managed service, and\ndigital platform capabilities, we meet our customers’ needs today and as\nthey build for tomorrow.\n\nLumen and Lumen Technologies are registered trademarks of Lumen Technologies,\nInc. in the United States. Level 3 Financing, Inc. and Qwest Capital Funding,\nInc. are wholly owned affiliates of Lumen Technologies, Inc.\n\nForward-Looking Statements\n\nExcept for historical and factual information, the matters set forth in this\nrelease and other of our oral or written statements identified by words such\nas “estimates,” “expects,” “anticipates,” “believes,”\n“plans,” “intends,” and similar expressions are forward-looking\nstatements. These forward-looking statements are not guarantees of future\nresults and are based on current expectations only, are inherently\nspeculative, and are subject to a number of assumptions, risks and\nuncertainties, many of which are beyond our control. Actual events and results\nmay differ materially from those anticipated, estimated, projected or implied\nby us in those statements if one or more of these risks or uncertainties\nmaterialize, or if underlying assumptions prove incorrect. Factors that could\naffect actual results include, but are not limited to: failure of the\nconditions set forth in the Statement to be satisfied or waived; the\npossibility that potential debt investors will not be receptive to the\noffering on the terms described above or at all; corporate developments that\ncould preclude, impair or delay the above-described transactions due to\nrestrictions under the federal securities laws; changes in Level 3\nFinancing’s credit ratings; changes in the cash requirements, financial\nposition, financing plans or investment plans of Level 3 Financing or its\naffiliates; changes in general market, economic, tax, regulatory or industry\nconditions that impact the ability or willingness of Level 3 Financing, Lumen,\nQCF or their respective affiliates to consummate the above-described\ntransactions on the terms described above or at all; and other risks\nreferenced from time to time in the filings of Lumen or Level 3 Parent, LLC\nwith the Securities and Exchange Commission. We undertake no obligation to\npublicly update or revise any forward-looking statements for any reason,\nwhether as a result of new information, future events or developments, changed\ncircumstances, or otherwise. We may change our intentions, strategies or plans\n(including our plans expressed herein) without notice at any time and for any\nreason.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260519087412/en/\n(https://www.businesswire.com/news/home/20260519087412/en/)\n\nMedia Contact:\n\nAnita J. Gomes \n\nAnita.Gomes@lumen.com \n(mailto:Anita.Gomes@lumen.com) \n+1 858-229-8538\n\nInvestor Contact: \n\nJim Breen, CFA\n\ninvestor.relations@lumen.com \n(mailto:investor.relations@lumen.com) \n+1 603-404-7003\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw8TNcGSa","title":"Lumen Technologies, Inc. Announces Early Results of Previously Announced Tender Offers  ","author":"Business Wire","ticker":"LUMN","created":"2026-05-20T12:45:00.083Z","tickers":["LUMN"],"exchange":"NYSE","article_body":"Lumen Technologies, Inc. Announces Early Results of Previously Announced\nTender Offers  \n\nLumen Technologies, Inc.\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.lumen.com%2Fen-us%2Fhome.html&esheet=54539029&newsitemid=20260519087412&lan=en-US&anchor=Lumen+Technologies%2C+Inc.&index=1&md5=f886b481fba0a35d35d6b4a63b8a1608)\n(“Lumen,” “us,” “we” or “our”) (NYSE: LUMN) today announced\nthe early results of the previously announced cash tender offers (each, a\n“Tender Offer”) pursuant to which Level 3 Financing, Inc. (“Level 3\nFinancing”), Lumen and Qwest Capital Funding, Inc. (“QCF”, together with\nLevel 3 Financing and Lumen, each an “Offeror”, and collectively, the\n“Offerors”) are offering to purchase the outstanding notes described\nbelow, pursuant to, and on the terms and subject to the conditions set forth\nin, an Offer to Purchase, dated May 6, 2026 (the “Statement”). Capitalized\nterms used and not defined in this press release have the meanings given to\nthem in the Statement.\n\nThe notes offered to be purchased in the Tender Offers, listed in the order of\npriority, are (i) Level 3 Financing’s outstanding 4.250% Senior Notes due\n2028, 3.625% Senior Notes due 2029, 3.750% Sustainability-Linked Senior Notes\ndue 2029, 3.875% Senior Secured Notes due 2029 (formerly secured), 4.875%\nSecond Lien Notes due 2029 (formerly secured), 4.500% Second Lien Notes due\n2030 (formerly secured), 3.875% Second Lien Notes due 2030 (formerly secured),\nand 4.000% Second Lien Notes due 2031 (formerly secured) (collectively, the\n“Level 3 Notes”), (ii) Lumen’s outstanding 6.875% Debentures, Series G,\ndue 2028, 4.500% Senior Notes due 2029, and 5.375% Senior Notes due 2029\n(collectively, the “Lumen Notes”), and (iii) QCF’s outstanding 6.875%\nNotes due 2028 (the “QCF Notes”, and together with the Level 3 Notes and\nthe Lumen Notes, the “Existing Group Tender Notes”) up to an aggregate\npurchase price, excluding accrued and unpaid interest, of $750 million (the\n“Aggregate Maximum Tender Cap”).\n\nThe Withdrawal Deadline has passed and the Existing Group Tender Notes\ntendered pursuant to the Tender Offers may no longer be withdrawn, except in\nthe limited circumstances described in the Statement. As of 5:00 p.m. ET, on\nMay 19, 2026 (the “Early Tender Deadline”), approximately $1,411.4 million\naggregate principal amount of Existing Group Tender Notes were validly\ntendered and not validly withdrawn, and approximately $765.9 million have been\naccepted for purchase with Total Consideration up to the Aggregate Maximum\nTender Cap, in each case as set forth in more detail in the table below. The\nsettlement date for Existing Group Tender Notes validly tendered and not\nvalidly withdrawn on or prior to the Early Tender Deadline and accepted for\npurchase is expected to occur on May 21, 2026 (the “Early Settlement\nDate”).\n Issuer and Offeror   Series of Existing Group Tender Notes   CUSIP Number((1))   Aggregate Principal Amount Outstanding prior to the Tender Offers   Acceptance Priority Level   Principal Amount Tendered at Early Tender Deadline   Principal Amount Accepted for Purchase   Total Consideration((2)(3)) \n Level 3 Financing, Inc.   4.250% Senior Notes   527298 BR3/ U52783 AW4   $178,096,000   1   $172,416,000   $172,416,000   $171,338,400.00 \n \n \n \n \n \ndue 2028 \n  \n  \n \n \n \n  \n Level 3 Financing, Inc.   3.625% Senior Notes   527298 BS1/ U52783 AX2   $300,314,000   2   $291,771,000   $291,771,000   $285,206,152.50 \n \n \n \n \n \ndue 2029 \n  \n  \n \n \n \n  \n Level 3 Financing, Inc.   3.750% Sustainability-Linked Senior Notes due 2029   527298 BT9/ U52783 AY0   $361,276,000   3   $348,763,000   $301,753,000   $293,454,792.50 \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   3.875% Senior Secured Notes due 2029 (formerly secured)   527298BQ5/ U52783AV6   $53,883,000   4   $53,606,000   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   4.875% Second Lien Notes due 2029 (formerly secured)   527298CB7/ U52783BE3/ 527298CC5   $9,706,000   5   $9,681,000   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   4.500% Second Lien Notes due 2030 (formerly secured)   527298CD3/ U52783BF0/ 527298CE1   $1,618,300   6   $1,618,300   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   3.875% Second Lien Notes due 2030 (formerly secured)   527298CF8/ U52783BG8/ 527298CG6   $20,048,400   7   —   —   — \n \n \n \n \n \n  \n  \n  \n Level 3 Financing, Inc.   4.000% Second Lien Notes due 2031 (formerly secured)   527298CH4/ U52783BH6/ 527298CJ0   $20,385,000   8   $4,685,000   —   — \n \n \n \n \n \n(all the above notes issued by Level 3 Financing, Inc., collectively, the \n  \n  \n “Level 3 Notes”) \n Lumen Technologies, Inc.   6.875% Debentures, Series G, due 2028   156686AM9   $130,730,000   9   $30,082,000   —   — \n \n \n \n \n \n  \n  \n  \n Lumen Technologies, Inc.   4.500% Senior Notes due 2029   156700 BD7/ U1566P AD7   $299,629,000   10   $270,529,000   —   — \n \n \n \n \n \n  \n  \n  \n Lumen Technologies, Inc.   5.375% Senior Notes due 2029   550241AA1/ U54985AA1   $231,544,000   11   $214,645,000   —   — \n \n \n \n \n(all of the above notes issued by Lumen Technologies, Inc., the “Lumen \n  \n Notes”) \n \n \n \n  \n Qwest Capital Funding, Inc.   6.875% Notes due 2028 (the “QCF Notes”)   912912AQ5   $49,582,000   12   $13,626,000   —   — \n \n \n \n \n \n  \n  \n  \n\n (1) No representation is made as to the correctness or accuracy of the CUSIP \n numbers listed above or printed on the Existing Group Tender Notes. They are \n provided solely for the convenience of holders of the Existing Group Tender \n Notes. \n (2) Total consideration for each Existing Group Tender Notes validly tendered \n (and not validly withdrawn) and accepted for purchase by the applicable \n Offeror. Excludes Accrued Interest, which will be paid on Existing Group \n Tender Notes accepted for purchase by the applicable Offeror as described in \n the Statement. \n (3) Includes the Early Tender Premium for Existing Group Tender Notes validly \n tendered at or prior to the Early Tender Deadline (and not validly withdrawn) \n and accepted for purchase by the applicable Offeror. \n\n\nIn addition to the applicable Total Consideration, accrued and unpaid interest\nfrom the last interest payment date up to, but not including, the applicable\nsettlement date, will be paid by the applicable Offeror in same day funds on\nthe Early Settlement Date or Final Settlement Date, as applicable, on all\nvalidly tendered Existing Group Tender Notes accepted for purchase in the\nTender Offers.\n\nThe Tender Offers will expire at 5:00 p.m. ET, on June 4, 2026 unless\nextended, earlier expired or terminated (such time and date, as the same may\nbe extended, earlier expired or terminated with respect to one or more series\nof Existing Group Tender Notes, the “Expiration Date”). The Final\nSettlement Date is currently expected to occur on June 8, 2026. No tenders\nwill be valid if submitted after the Expiration Date. Because the aggregate\npurchase price of Existing Group Tender Notes validly tendered and not validly\nwithdrawn at or prior to the Early Tender Deadline exceeds the Aggregate\nMaximum Tender Cap, the Offerors do not expect to accept any further tenders\nof Notes.\n\nGeneral\n\nIn connection with the Tender Offers, the Offerors have retained Wells Fargo\nSecurities, LLC, to act as Lead Dealer Manager and Goldman Sachs & Co.\nLLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Citigroup Global\nMarkets Inc. and Morgan Stanley & Co. LLC to act as Dealer Managers, and\nCitizens JMP Securities, LLC, RBC Capital Markets, LLC, Truist Securities,\nInc. and U.S. Bancorp Investments, Inc. to act as Co-Dealer Managers (the\n“Dealer Managers”), and D.F. King & Co., Inc. to act as the\ninformation agent and the tender agent (in such capacity, the “Tender and\nInformation Agent”) in connection with the Tender Offers. Requests for\nassistance or copies of the Statement or any other documents related to the\nTender Offers may be directed to the Information and Tender Agent at the\ncontact details set forth below. Questions in relation to the Tender Offers\nmay be directed to the Dealer Managers and Tender and Information Agent at the\naddresses and telephone numbers set forth below.\n\nThis announcement is for informational purposes only and is not an offer to\npurchase or sell or a solicitation of an offer to purchase or sell, with\nrespect to any securities. The Tender Offers are being made only pursuant to\nthe terms of the Statement. None of Level 3 Financing, Lumen, QCF, the Tender\nand Information Agent, the Dealer Managers, or any trustee makes any\nrecommendation as to whether Holders should tender their notes pursuant to the\napplicable offer, and no one has been authorized by any of them to make such a\nrecommendation. Holders must make their own decisions as to whether to tender\ntheir notes, and, if so, the principal amount of the notes to tender.\n\nThe Tender Offers are not being made to Holders in any jurisdiction in which\nthe making or acceptance thereof would not be in compliance with the\nsecurities, blue sky or other laws of such jurisdiction. In any jurisdiction\nin which the Tender Offers are required to be made by a licensed broker or\ndealer, the Tender Offers will be deemed to be made on behalf of the Offerors\nby the Dealer Managers, or one or more registered brokers or dealers that are\nlicensed under the laws of such jurisdiction.\n\nThe Lead Dealer Manager\n\nWells Fargo Securities, LLC\n\n550 South Tryon Street, 5th Floor\n\nCharlotte, North Carolina 28202\n\nAttention: Liability Management Group\n\nCollect: (866) 309-6316\n\nToll-Free: (704) 410-4235\n\nThe Tender and Information Agent\n\nD.F. King & Co., Inc.\n\n28 Liberty Street, 53rd Floor\n\nNew York, New York 10005\n\nAttn: Michael Horthman\n\nBanks and Brokers Call: (212) 257-2075\n\nAll Others Call Toll Free: (800) 755-3105\n\nEmail: lumen@dfking.com (mailto:lumen@dfking.com)\n\nAbout Lumen Technologies\n\nLumen is unleashing the world's digital potential. We ignite business growth\nby connecting people, data, and applications – quickly, securely, and\neffortlessly. As the trusted network for AI, Lumen uses the scale of our\nnetwork to help companies realize AI's full potential. From metro connectivity\nto long-haul data transport to our edge cloud, security, managed service, and\ndigital platform capabilities, we meet our customers’ needs today and as\nthey build for tomorrow.\n\nLumen and Lumen Technologies are registered trademarks of Lumen Technologies,\nInc. in the United States. Level 3 Financing, Inc. and Qwest Capital Funding,\nInc. are wholly owned affiliates of Lumen Technologies, Inc.\n\nForward-Looking Statements\n\nExcept for historical and factual information, the matters set forth in this\nrelease and other of our oral or written statements identified by words such\nas “estimates,” “expects,” “anticipates,” “believes,”\n“plans,” “intends,” and similar expressions are forward-looking\nstatements. These forward-looking statements are not guarantees of future\nresults and are based on current expectations only, are inherently\nspeculative, and are subject to a number of assumptions, risks and\nuncertainties, many of which are beyond our control. Actual events and results\nmay differ materially from those anticipated, estimated, projected or implied\nby us in those statements if one or more of these risks or uncertainties\nmaterialize, or if underlying assumptions prove incorrect. Factors that could\naffect actual results include, but are not limited to: failure of the\nconditions set forth in the Statement to be satisfied or waived; the\npossibility that potential debt investors will not be receptive to the\noffering on the terms described above or at all; corporate developments that\ncould preclude, impair or delay the above-described transactions due to\nrestrictions under the federal securities laws; changes in Level 3\nFinancing’s credit ratings; changes in the cash requirements, financial\nposition, financing plans or investment plans of Level 3 Financing or its\naffiliates; changes in general market, economic, tax, regulatory or industry\nconditions that impact the ability or willingness of Level 3 Financing, Lumen,\nQCF or their respective affiliates to consummate the above-described\ntransactions on the terms described above or at all; and other risks\nreferenced from time to time in the filings of Lumen or Level 3 Parent, LLC\nwith the Securities and Exchange Commission. We undertake no obligation to\npublicly update or revise any forward-looking statements for any reason,\nwhether as a result of new information, future events or developments, changed\ncircumstances, or otherwise. We may change our intentions, strategies or plans\n(including our plans expressed herein) without notice at any time and for any\nreason.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260519087412/en/\n(https://www.businesswire.com/news/home/20260519087412/en/)\n\nMedia Contact:\n\nAnita J. Gomes \n\nAnita.Gomes@lumen.com \n(mailto:Anita.Gomes@lumen.com) \n+1 858-229-8538\n\nInvestor Contact: \n\nJim Breen, CFA\n\ninvestor.relations@lumen.com \n(mailto:investor.relations@lumen.com) \n+1 603-404-7003\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-20T12:45:00.124662985Z","server_sent_at_ms":1779281100124},"received_at":"2026-05-20T12:45:00.344Z","source_url":"https://www.businesswire.com/news/home/20260519087412/en/"},"analysis":{"id":"30166","press_release_id":"40722","analysis_json":{"industry":{"label":"Telecommunication Services","sector":"Communication Services"},"redFlags":[],"eventType":"debt_offering","narrative":"Lumen Technologies announced early results of its cash tender offers for various series of senior and second lien notes issued by itself and its affiliates.\n\nApproximately $1.41 billion in principal amount of notes were validly tendered, significantly exceeding the $750 million aggregate maximum tender cap.\n\nThe company accepted approximately $765.9 million in notes for purchase, with settlement expected on May 21, 2026. No further tenders are expected to be accepted due to the oversubscription.","sentiment":"neutral","agentHooks":{"shouldPost":true,"suggestedAngle":"Lumen retires ~$766M of debt via tender offer; high oversubscription suggests holders are eager to exit or restructure exposure."},"keyFigures":{"dealValueUsd":765900000,"customDimensions":{"aggregate_max_tender_cap":750000000}},"quotedText":"The Offerors do not expect to accept any further tenders of Notes.","namedEntities":{"people":[{"name":"Anita J. Gomes","role":"Media Contact"},{"name":"Jim Breen","role":"Investor Contact"},{"name":"Michael Horthman","role":"Tender and Information Agent Contact"}],"products":[],"companies":[{"name":"Lumen Technologies, Inc.","ticker":"LUMN","relationship":"filer"},{"name":"Level 3 Financing, Inc.","relationship":"affiliate/offeror"},{"name":"Qwest Capital Funding, Inc.","relationship":"affiliate/offeror"},{"name":"Wells Fargo Securities, LLC","relationship":"lead dealer manager"},{"name":"Goldman Sachs & Co. LLC","relationship":"dealer manager"},{"name":"BofA Securities, Inc.","relationship":"dealer manager"},{"name":"J.P. Morgan Securities LLC","relationship":"dealer manager"},{"name":"Citigroup Global Markets Inc.","relationship":"dealer manager"},{"name":"Morgan Stanley & Co. LLC","relationship":"dealer manager"},{"name":"D.F. King & Co., Inc.","relationship":"tender agent"}],"dollarAmounts":[{"amount":"$750 million","context":"Aggregate Maximum Tender Cap"},{"amount":"$1,411.4 million","context":"Aggregate principal amount tendered"},{"amount":"$765.9 million","context":"Principal amount accepted for purchase"}]},"materialImpact":{"score":3,"reasoning":"Lumen is executing a liability management exercise (tender offer) to retire ~$766M of debt. The offer was oversubscribed ($1.4B tendered vs $750M cap), indicating high holder participation, but the company is only buying back a portion of its outstanding debt. This is a routine capital structure optimization rather than a transformative M&A or distress event, though it signals active balance sheet management."},"tickerRelevance":{"others":[],"primary":"LUMN"},"globalImportance":35,"audienceRelevance":40,"eventTypeSecondary":["restructuring"],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"liability_management","sectorWeight":"telecom","householdBrandBoost":"low","marketCapAdjustment":"neutral"}},"event_type":"debt_offering","event_type_secondary":["restructuring"],"sentiment":"neutral","material_impact_score":3,"narrative":"Lumen Technologies announced early results of its cash tender offers for various series of senior and second lien notes issued by itself and its affiliates.\n\nApproximately $1.41 billion in principal amount of notes were validly tendered, significantly exceeding the $750 million aggregate maximum tender cap.\n\nThe company accepted approximately $765.9 million in notes for purchase, with settlement expected on May 21, 2026. No further tenders are expected to be accepted due to the oversubscription.","key_figures":{"dealValueUsd":765900000,"customDimensions":{"aggregate_max_tender_cap":750000000}},"named_entities":{"people":[{"name":"Anita J. Gomes","role":"Media Contact"},{"name":"Jim Breen","role":"Investor Contact"},{"name":"Michael Horthman","role":"Tender and Information Agent Contact"}],"products":[],"companies":[{"name":"Lumen Technologies, Inc.","ticker":"LUMN","relationship":"filer"},{"name":"Level 3 Financing, Inc.","relationship":"affiliate/offeror"},{"name":"Qwest Capital Funding, Inc.","relationship":"affiliate/offeror"},{"name":"Wells Fargo Securities, LLC","relationship":"lead dealer manager"},{"name":"Goldman Sachs & Co. LLC","relationship":"dealer manager"},{"name":"BofA Securities, Inc.","relationship":"dealer manager"},{"name":"J.P. Morgan Securities LLC","relationship":"dealer manager"},{"name":"Citigroup Global Markets Inc.","relationship":"dealer manager"},{"name":"Morgan Stanley & Co. LLC","relationship":"dealer manager"},{"name":"D.F. King & Co., Inc.","relationship":"tender agent"}],"dollarAmounts":[{"amount":"$750 million","context":"Aggregate Maximum Tender Cap"},{"amount":"$1,411.4 million","context":"Aggregate principal amount tendered"},{"amount":"$765.9 million","context":"Principal amount accepted for purchase"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-20T12:45:32.571Z","global_importance":35,"audience_relevance":40,"importance_components":{"tickerTier":"large-cap","eventGravity":"liability_management","sectorWeight":"telecom","householdBrandBoost":"low","marketCapAdjustment":"neutral"}},"durationMs":32216,"modelName":"george-droid-qwen-72b"}}