Summary by Futu AI
On September 3, 2024, Lumen Technologies, Inc. and its subsidiary Level 3 Financing, Inc. initiated a series of exchange offers for certain outstanding unsecured notes. The exchange involves Lumen offering new 10.000% secured notes due 2032 and cash consideration for various series of its existing senior notes due between 2026 and 2029, with a cap of $500 million for the new notes and $100 million specifically for the 2029 notes. Similarly, Level 3 is offering new 10.000% second lien notes due 2032 in exchange for its senior notes due between 2027 and 2028, with a cap of $350 million for the new notes. The exchange offers are subject to terms and conditions outlined in private offering memoranda dated September 3, 2024, and will expire on October 1, 2024, unless extended or terminated. The new notes will not be registered under the Securities Act and are subject to transfer restrictions. The offers are targeted at 'Eligible Holders' of the subject notes, primarily 'qualified institutional buyers' and non-U.S. persons, as defined by the Securities Act. The announcement also includes cautionary statements regarding forward-looking information.