Lumen Technologies, Inc. and Qwest Corporation Announce Entry into Support Agreement with Certain Noteholders and Amendment to Previously Announced Exchange Offers

About this update from Lumen Technologies, Inc.

  DENVER, May 20, 2026--(BUSINESS WIRE)--Lumen Technologies, Inc. ("Lumen," "us," "we" or "our") (NYSE: LUMN) announced today that it, together with Qwest Corporation ("Qwest"), its wholly-owned subsidiary, has entered into a Support Agreement, dated May 18, 2026 (the "Support Agreement"), with certain holders (together, the "Supporting Noteholders") of the Old Qwest Notes (as defined below) with respect to its previously announced exchange offers (as amended as set forth in this press release, the "Exchange Offers") to exchange Qwest's outstanding 6.5% Notes due 2056 (the "Existing 2056 Notes") and 6.75% Notes due 2057 (the "Existing 2057 Notes", and collectively with the Existing 2056 Notes, the "Old Qwest Notes") for new notes to be issued by Qwest pursuant to the terms and conditions set forth in the Post-Effective Amendment (as defined below) to the Registration Statement on Form S-4, including a preliminary prospectus and consent solicitation statement forming a part thereof, dated May 20, 2026 (collectively, the "Preliminary Prospectus"). Lumen has also announced today that it, together with Qwest, has amended the terms of its previously announced Exchange Offers. In connection with the Exchange Offers, Qwest and Lumen are also soliciting consents from holders of each series of the Old Qwest Notes to certain proposed amendments to the indentures governing the Old Qwest Notes (the "Consent Solicitations"). Support Agreement Pursuant to the Support Agreement, the Supporting Noteholders have agreed to tender an aggregate principal amount of approximately $456 million of Old Qwest Notes in the Exchange Offers on the terms set forth in the Exchange Offers, consisting of approximately $296.5 million of Existing 2056 Notes and $159.5 million of Existing 2057 Notes, no later than 5:00 p.m., Eastern Time, on June 2, 2026. In exchange, the Supporting Noteholders will receive newly issued 6.500% Notes due 2051 (the "New 6.500% 2051 Notes") or 6.750% Notes due 2052 (the "New 6.750% 2052 Notes," together with the New 6.500% 2051 Notes, the "New Qwest Notes"), as applicable, by Qwest, on a par-for-par basis, to be fully and unconditionally guaranteed on an unsecured basis by Lumen. On or promptly...

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