Lumen Technologies and Qwest Corporation Announce Final Results of Exchange Offers and Consent Solicitations

DENVER, June 10, 2026 – Lumen Technologies, Inc. (NYSE: LUMN), together with its wholly owned subsidiary Qwest Corporation, has announced the expiration and final results of its previously disclosed exchange offers and consent solicitations, which could have significant implications for both bondholders and shareholders.

Key Developments and Details for Investors

• Successful Completion of Exchange Offers: Qwest has concluded its exchange offers for two series of outstanding notes:
  • 6.5% Notes due 2056 (CUSIP: 74913G 881)
  • 6.75% Notes due 2057 (CUSIP: 74913G 873)

  These notes were exchanged for new notes with similar terms but different maturities:

  • New 6.500% Notes due 2051
  • New 6.750% Notes due 2052

  The exchange is fully and unconditionally guaranteed by Lumen on an unsecured basis.

• Expiration and Settlement: The exchange offers and consent solicitations expired at 5:00 p.m. ET on June 9, 2026. No further withdrawals or tenders are permitted. The new notes are expected to be delivered on June 11, 2026 (the “Settlement Date”).
• Aggregate Results:
  • 6.5% Notes due 2056:
    • Outstanding prior to exchange: \$977,500,000
    • Option 1 (New 6.500% 2051 Notes, \$25 denominations): \$515,297,925 tendered and accepted
    • Option 2 (New 6.500% 2051 Notes, \$1 denominations): \$316,631,500 tendered and accepted
    • Total cash consent fee paid: \$2,079,823.56
  • 6.75% Notes due 2057:
    • Outstanding prior to exchange: \$660,000,000
    • Option 1 (New 6.750% Notes due 2052, \$25 denominations): \$381,528,000 tendered and accepted
    • Option 2 (New 6.500% 2051 Notes, \$1 denominations): \$170,390,650 tendered and accepted
    • Total cash consent fee paid: \$1,379,796.63
• Terms of New Notes: The new notes will carry the same interest rates, payment dates, and redemption terms as the notes being exchanged. The new Qwest notes are senior unsecured obligations that rank:
  • Senior to all of Qwest’s existing and future subordinated debt
  • Equally with all of Qwest’s existing and future unsecured and unsubordinated debt
  • Are fully and unconditionally guaranteed by Lumen on an unsecured basis
  • Effectively subordinated to any secured indebtedness by the value of the secured assets
• Consent Solicitations and Indenture Amendments: As part of the exchange, Qwest and Lumen solicited consents to amend the indentures governing the old Qwest notes. Sufficient consents were received (>50%) for both series, enabling Qwest to enter into supplemental indentures that will become effective on the settlement date.
• De-Listing and De-Registration of Old Notes: The old Qwest notes have been de-listed from the NYSE. Qwest also plans to de-register these notes and cease SEC reporting under the Exchange Act, relying on Rule 12h-5. Lumen’s own periodic reports will continue to contain required disclosures.
• Advisors Involved: Morgan Stanley & Co. LLC acted as lead dealer manager, with D.F. King & Co., Inc. as the information and exchange agent for the offers.

Shareholder and Price-Sensitive Implications

• Balance Sheet Optimization: The successful completion of these exchange offers is a significant liability management exercise. By extending maturities and simplifying debt structures, Lumen and Qwest are reducing refinancing risk. This can be seen as a positive for credit ratings and long-term financial flexibility, potentially supporting the company’s share price.
• SEC Reporting Relief & Cost Savings: The de-registration and de-listing of the old notes will reduce regulatory and administrative burdens, which may translate into cost savings and operational efficiency.
• Forward-Looking Statements & Risks: The company highlighted several risks, including failure to meet certain conditions, lack of investor receptivity, changes in financial or market conditions, and possible changes in credit ratings. These risks should be monitored by investors, as any adverse developments could be price sensitive.
• Strategic Messaging: Lumen continues to position itself as a digital network leader, leveraging its infrastructure for AI and data-driven services, which may appeal to long-term investors looking at the company’s growth prospects.

Contact Information

Media Contact: Anita J. Gomes ([email protected], +1 858-229-8538)
Investor Contact: Jim Breen, CFA ([email protected], +1 603-404-7003)

Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities. Investors should review official company filings and consult with their financial advisors before making any investment decisions. The information herein is based on public disclosures as of June 10, 2026, and may be subject to change.

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