Closing of TSA Transactions Expected by End
of Month
DENVER, March 11,
2024 /PRNewswire/ -- Lumen Technologies, Inc.
(NYSE: LUMN) ("Lumen" or the "Company"), a global integrated
network solutions provider that unleashes the world's digital
potential, commenced a consent solicitation (the "Consent
Solicitation") on Friday, March 8,
2024 to amend certain indentures of the Company and its
subsidiaries to facilitate the completion of the transactions
contemplated by the previously disclosed amended and restated
transaction support agreement (the "TSA"). In addition, the Company
is requesting that lenders under the Company's existing term loans
agree to participate in certain transactions with respect to the
Company's credit agreements. Lumen expects to close the TSA
transactions by the end of the month, subject to the satisfaction
of limited remaining closing conditions.
This press release is for informational purposes only and is
neither an offer to sell nor a solicitation of an offer to buy any
security. The Consent Solicitation is being made solely through the
Consent Solicitation Statement dated March
8, 2024 (the "Consent Solicitation Statement") and related
materials. The Consent Solicitation is not being made to holders of
notes in any jurisdiction in which the Company is aware that the
making of the Consent Solicitation would not be in compliance with
the laws of such jurisdiction. In any jurisdiction in which the
securities laws or blue sky laws require the Consent Solicitation
to be made by a licensed broker or dealer, the Consent Solicitation
will be deemed to be made on the Company's behalf by the
solicitation agents or one or more registered brokers or dealers
that are licensed under the laws of such jurisdiction. Holders of
the notes are urged to review the Consent Solicitation Statement
for the detailed terms of the Consent Solicitation and the
procedures for consenting to the proposed amendments.
Guggenheim Securities, LLC is serving as financial advisor and
Wachtell, Lipton, Rosen & Katz is serving as legal advisor to
the Company in connection with the TSA.
About Lumen Technologies
Lumen connects the world. We are dedicated to furthering human
progress through technology by connecting people, data, and
applications – quickly, securely, and effortlessly. Everything we
do at Lumen takes advantage of our network strength. From metro
connectivity to long-haul data transport to our edge cloud,
security, and managed service capabilities, we meet our customers'
needs today and as they build for tomorrow.
Forward-Looking Statements
Statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. In
addition, Lumen, through its senior management, may from time to
time make forward-looking public statements concerning the matters
described herein. All such estimates, projections, and
forward-looking information speak only as of the date hereof, and
Lumen undertakes no duty to publicly update or revise such
forward-looking information, whether as a result of new
information, future events, or otherwise. Such forward-looking
statements are necessarily estimates based upon current
information, and involve a number of risks and uncertainties about
Lumen's business plans and strategies, and actual events or results
may differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those factors that may be identified from time to time in
the Company's SEC filings and other public announcements, including
Lumen's current reports on Form 8-K, quarterly reports on Form 10-Q
and its latest annual report on Form 10-K for the year ended
December 31, 2023. No assurance can
be given that the transactions described herein will be consummated
on the timeline currently expected or at all or as to the ultimate
terms of any such transactions.
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SOURCE Lumen Technologies