Lumen Technologies, Inc. 8-K

What Happened

• Lumen Technologies, Inc. announced on April 14, 2026 that it entered into a Revolving Credit Agreement providing a revolving credit facility with $825 million in commitments. The facility matures on April 14, 2029 (subject to certain springing maturity events) and replaces and terminates the prior March 22, 2024 facility.
• The agreement includes guarantees from certain Lumen subsidiaries (Lumen Guarantors), secured liens on substantially all assets of those guarantors in some cases, and up to $150 million of guarantees from Level 3 entities (Level 3 Collateral Guarantors) that are secured by liens on their assets. Qwest Corporation and certain subsidiaries provide unsecured guarantees of collection.

Key Details

• Facility size: $825 million revolving credit commitments; maturity April 14, 2029.
• Interest: borrowings at either Term SOFR (0.00% floor) + 2.75% or base rate + 1.75%; rates adjust per a pricing grid tied to Lumen’s total net leverage ratio.
• Financial covenants (effective beginning with quarter ended June 30, 2026): maximum total net leverage ratio of 5.25:1.00 and minimum interest coverage ratio of 2.00:1.00.
• The prior Superpriority Revolving/Term A Credit Agreement (dated March 22, 2024) was reduced to zero and terminated in connection with this agreement.

Why It Matters

• This new facility provides near‑term liquidity and refinancing certainty through 2029, which is material to investors assessing Lumen’s cash management and financing flexibility.
• The leverage and interest‑coverage covenants set clear thresholds Lumen must meet each quarter; falling short could trigger defaults and lender remedies.
• Pricing tied to leverage means borrowing costs can change with Lumen’s debt levels, so leverage reduction could lower interest expense while higher leverage would increase it.
• Subsidiary guarantees and secured liens on guarantor assets may affect the encumbrance of those subsidiaries’ assets and could be relevant to creditor priorities.

(The full Revolving Credit Agreement is filed as Exhibit 10.1 to the Form 8‑K.)