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Lumen Technologies said that it entered into an amended transaction support agreement with a broadened group of creditors holding over $12.5bn of its debt. The agreement will extend debt maturities to 2029 and beyond, provide financing of $1.325bn via new long-term debt and provide access to a new revolving credit facility of ~$1bn. Lumen expects the transaction to be completed by 1Q 2024. This comes after the initial agreement where its creditors agreed to provide $1.2bn of financing through new long-term debt alongside extending its maturities, alongside covenant modifications and rate increases of certain secured and unsecured debt.
Lumen’s 5.625% 2025s are trading at 89.63, yielding 15.7%.
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