LUMN · Lumen Technologies, Inc.

Lumen Technologies, through its indirect wholly-owned subsidiary Level 3 Financing, Inc., executed a strategic refinancing transaction by pricing $1 billion of 7.500% Senior Notes due 2037 at par in a private Rule 144A/Reg S offering not registered under the Securities Act. The notes receive full and unconditional guarantees from Level 3 Parent, LLC and certain unregulated subsidiaries, providing investor comfort on an unsubordinated, unsecured basis. Concurrently, Level 3 Financing, Lumen, and Qwest Capital Funding, Inc. (QCF) launched cash tender offers for 12 series of existing higher-priority notes totaling up to $750 million in aggregate purchase price (excluding accrued interest), with detailed pricing including early tender premiums of $30 per $1,000 principal for tenders before May 19, 2026. The tender notes span Level 3 Notes (e.g., 4.250% due 2028 with $178M outstanding at $993.75 total early consideration), Lumen Notes (e.g., 6.875% Series G due 2028 with $131M at $1,025.00), and QCF Notes (6.875% due 2028 with $50M at $1,005.00), accepted in priority order. This liability management extends maturities while potentially reducing near-term debt service through tendering shorter-dated obligations, with flexibility to increase the cap based on note sale proceeds. The offering closes May 21, 2026, subject to customary conditions, signaling market access for high-yield financing amid Lumen's capital structure optimization.