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Lumen Technologies Extends Debt Maturities, Secures Additional Financing

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Lumen Technologies announced that it has successfully reached an agreement with a group of creditors to extend the maturity dates of its debt obligations. This development gives the struggling telecommunication company more time to implement its turnaround plan as it strives for financial stability.

As a result of this agreement, Lumen’s stock experienced a 5% surge in premarket trading, reaching $1.42.

This new agreement involves creditors who collectively hold more than $12.5 billion of Lumen’s outstanding debt, which accounts for over 70% of the company’s debt maturing through 2027. It surpasses a similar deal reached with creditors last year in terms of the size and scope of support across Lumen’s capital structure.

Under the terms of the agreement, debt maturities will primarily be extended to 2029 and beyond. In addition to this, Lumen will have access to $1.33 billion in new long-term debt and an expected $1 billion revolving credit facility.

Lumen anticipates that the completion of these transactions will occur during the first quarter of 2024.

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