Lumen Technologies (LUMN) just unveiled an announcement.
Lumen Technologies, Inc. and its subsidiaries have renegotiated and amended several credit agreements, including with Bank of America and other lenders, resulting in changes to their financial covenants and obligations. This includes the subordination of liens, removal of certain representations, warranties, and covenants, as well as the amendment of collateral agreements. Additionally, new credit facilities and superpriority loans have been established, providing for revolving credit and secured term loans with varying interest rates and maturity dates. The company has also issued new superpriority and senior secured notes with specific terms regarding interest payment and redemption rights. In connection with these changes, previous credit commitments were terminated, and preexisting notes were either exchanged or remained outstanding with adjusted principal amounts. These financial maneuvers aim to optimize Lumen’s capital structure and provide flexibility in its financial operations.
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