LUMN · Lumen Technologies, Inc.

On May 13, 2026, Level 3 Financing, Inc., an indirect wholly owned subsidiary of Lumen Technologies, entered into a Third Amendment to its existing credit agreement, refinancing all outstanding secured term B-4 loans with new term B-5 loans totaling $2.4 billion. The refinancing reduces the interest margin to SOFR plus 2.75% (or base rate plus 1.75%) and extends the maturity to March 27, 2032, with no amortization. The transaction also provides for a potential administrative agent transition from Wilmington Trust to Bank of America within 180 days. The obligations are guaranteed by substantially all of Level 3's material domestic subsidiaries and secured by a first-priority lien on substantially all of Level 3's and the guarantors' assets. Lumen provides a separate, unsecured parent guarantee that is voluntarily releasable at its sole discretion. The facility includes customary negative covenants restricting mergers, indebtedness, liens, dividends, asset sales, and affiliate transactions. This refinancing improves Level 3's debt profile by lowering interest costs and extending maturity, which is credit positive for Lumen's consolidated financial position.