Lumen Technologies Extends Exchange Offers for Qwest Notes

Lumen Technologies, Inc. (NYSE: LUMN), in collaboration with its wholly-owned subsidiary Qwest Corporation, announced on May 5, 2026, an extension of the early participation date and withdrawal deadline of its previously announced exchange offers for the Qwest Notes. This strategic decision reflects Lumen's commitment to streamline its debt structure while providing bondholders with increased flexibility.

The exchange offers involve the 6.5% Notes due 2056 and the 6.75% Notes due 2057, collectively referred to as the "Old Qwest Notes." These will be exchanged for the newly issued 6.500% Notes due 2056 and 6.750% Notes due 2057, known as the "New Qwest Notes." Notably, these New Qwest Notes will be fully and unconditionally guaranteed on an unsecured basis by Lumen.

The early participation date and withdrawal deadline for the exchange offers and the associated consent solicitations have been extended from 5 p.m. ET on May 8, 2026, to 5 p.m. ET on May 15, 2026. This extension provides additional time for holders of the Old Qwest Notes to consider their options. Importantly, while the deadlines have changed, all other terms of the exchange offers and consent solicitations remain unchanged.

The offers are set to expire at 5 p.m. ET on May 26, 2026, unless further extended as detailed in the prospectus.

In conjunction with the exchange offers, Lumen has filed a Registration Statement on Form S-4 with the SEC, which includes a prospectus and consent solicitation statement. This registration is critical, as it aims to ensure compliance with the Securities Act of 1933. The issuance of the New Qwest Notes is contingent upon the effectiveness of this registration, along with the absence of any legal impediments.

For stakeholders seeking more information, copies of the prospectus can be obtained through D.F. King & Co., Inc., the designated information and exchange agent.

The extension of the participation date is significant for holders of the Old Qwest Notes, allowing them more time to evaluate the benefits of exchanging their notes. The exchange aims to offer improved terms that could enhance the financial flexibility of both Qwest and Lumen, potentially leading to a more favorable capital structure.

Investors are encouraged to closely review the prospectus and consider their positions carefully. The decision to exchange notes or to consent to the proposals should be made on an individual basis, as no recommendations have been issued by Lumen, Qwest, or their affiliates.

Lumen is at the forefront of digital transformation, focusing on the seamless connection of people, data, and applications. With a robust network infrastructure that encompasses metro connectivity and edge cloud services, Lumen positions itself as a trusted partner for businesses aiming to leverage the full potential of artificial intelligence and digital platforms.

Lumen Technologies' decision to extend the early participation date for its exchange offers is a crucial development for bondholders and the company's strategic financial management. As the deadline approaches, stakeholders will be closely monitoring the situation to assess the potential impacts on the company’s financial health and market positioning.