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Lumen Technologies was upgraded to CCC+ from SD by S&P following the completion of its transaction support agreement (TSA) that saw it extend bond maturities. Prior to the TSA, Lumen had ~$2.1bn in debt due in 2025 and 2026 and another $9.5bn in 2027. Also, its $2.2bn revolving credit facility (RCF) was set to expire in January 2025. Following the TSA, Lumen’s debt maturities through 2027 have reduced to ~$1.4bn. S&P believes Lumen can address these debt maturities with cash and funds available under its new $1bn RCF due 2028 and its operating cashflows (including tax benefit) in 2024. According to S&P, the RCF is also expected to bolster Lumen’s liquidity position to fund its FOCF deficits in 2025 and 2026. Lumen’s bonds have been on an uptrend since the TSA was announced in end-January.