CenturyLink Announces Debt Refinancing Initiatives to Sell $1.25 Billion Senior Secured Notes Due 2027
January 17, 2020 at 08:00 am
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CenturyLink, Inc. announced that it agreed on Jan. 16, 2020 to sell $1.25 billion aggregate principal amount of its newly-issued 4.000% Senior Secured Notes due 2027 (the "2027 Notes") in a private offering that will not be registered under the Securities Act of 1933. The 2027 Notes were priced to investors at par and will mature on Feb. 15, 2027. The 2027 Notes will be unconditionally guaranteed by each of CenturyLink's domestic subsidiaries that guarantees CenturyLink's 2017 senior secured credit facilities, subject to the receipt of certain regulatory approvals and various exceptions and limitations. While the 2027 Notes will not be secured by any of the assets of CenturyLink, the guarantees will be secured by a first priority security interest in substantially all of the assets of certain guarantors, which assets also secure obligations under CenturyLink's 2017 senior secured credit facilities on a pari passu basis.
Lumen Technologies, Inc. is a facilities-based technology and communications company. The Company provides a range of integrated products and services to its domestic and global business customers and its domestic mass markets customers. It operates through two segments: Business segment and Mass Markets segment. Its Business segment provides its products and services under four sales channels to meet the needs of its enterprise and commercial customers. Its products and services in this segment include Dark Fiber, Edge Cloud Services, Internet Protocol (IP), Managed Security Services, Software-Defined Wide Area Networks (SD WAN), Secure Access Service Edge (SASE), Optical Services, Ethernet, VPN Data Networks, Voice Services, IT Solutions and Other Legacy Services. Its Mass Markets segment provides products and services to residential and small business customers. Its products and services in this segment include Fiber Broadband, Other Broadband and Voice and Other.