American tech company Lumen Technologies announced that its indirect, wholly-owned subsidiary Level 3 Financing will issue new senior secured notes in exchange for senior unsecured notes of Lumen. Level 3 will issue up to $1.1bn of new 10.5% bonds due 2030 in exchange for validly tendered bonds of Lumen with a maturity of between 2025 to 2042. The news led to a rally in its bonds, led by its 6.875% 2028s that jumped ~7 points to 60.7 currently. The early exchange consideration for the bonds is 68 while the late consideration is 63.

For more details on the exchange offer, click here

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