Lumen Technologies, Inc. Announces Early Results of Previously Announced Tender Offers

About this update from Lumen Technologies, Inc.

Lumen Technologies, Inc. (“Lumen,” “us,” “we” or “our”) (NYSE: LUMN) today announced the early results of the previously announced cash tender offers (each, a “Tender Offer”) pursuant to which Level 3 Financing, Inc. (“Level 3 Financing”), Lumen and Qwest Capital Funding, Inc. (“QCF”, together with Level 3 Financing and Lumen, each an “Offeror”, and collectively, the “Offerors”) are offering to purchase the outstanding notes described below, pursuant to, and on the terms and subject to the conditions set forth in, an Offer to Purchase, dated May 6, 2026 (the “Statement”). Capitalized terms used and not defined in this press release have the meanings given to them in the Statement. The notes offered to be purchased in the Tender Offers, listed in the order of priority, are (i) Level 3 Financing’s outstanding 4.250% Senior Notes due 2028, 3.625% Senior Notes due 2029, 3.750% Sustainability-Linked Senior Notes due 2029, 3.875% Senior Secured Notes due 2029 (formerly secured), 4.875% Second Lien Notes due 2029 (formerly secured), 4.500% Second Lien Notes due 2030 (formerly secured), 3.875% Second Lien Notes due 2030 (formerly secured), and 4.000% Second Lien Notes due 2031 (formerly secured) (collectively, the “Level 3 Notes”), (ii) Lumen’s outstanding 6.875% Debentures, Series G, due 2028, 4.500% Senior Notes due 2029, and 5.375% Senior Notes due 2029 (collectively, the “Lumen Notes”), and (iii) QCF’s outstanding 6.875% Notes due 2028 (the “QCF Notes”, and together with the Level 3 Notes and the Lumen Notes, the “Existing Group Tender Notes”) up to an aggregate purchase price, excluding accrued and unpaid interest, of $750 million (the “Aggregate Maximum Tender Cap”). The Withdrawal Deadline has passed and the Existing Group Tender Notes tendered pursuant to the Tender Offers may no longer be withdrawn, except in the limited circumstances described in the Statement. As of 5:00 p.m. ET, on May 19, 2026 (the “Early Tender Deadline”), approximately $1,411.4 million aggregate principal amount of Existing Group Tender Notes were validly tendered and not validly withdrawn, and approximately $765.9 million have been accepted for purchase with Total Consideration up to the Aggregate Maximum Tender Cap, in each case as set forth in more detail in the table below. The settlement date for Existing Group Tender Notes validly tendered and not validly withdrawn on or prio...

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