v3.26.1
Long-Term Debt and Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Including Unamortized Discounts and Premiums
The following table reflects the consolidated long-term debt of Lumen Technologies, Inc. and its subsidiaries as of the dates indicated below, including unamortized premiums (discounts) and unamortized debt issuance costs:

Interest Rates(1)
Maturities(1)
March 31, 2026December 31, 2025

  (Dollars in millions)
Senior Secured Debt: (2)
Lumen Technologies, Inc.
Series A Revolving Credit Facility
SOFR + 4.00%
2028$— — 
Series B Revolving Credit Facility
SOFR + 6.00%
2028— — 
Term Loan A(3)
N/A
N/A— 338 
Term Loan B-1(4)
N/A
N/A— 1,590 
Term Loan B-2(4)
N/A
N/A— 1,590 
Superpriority notes
N/A
N/A
— 1,247 
Subsidiaries
Level 3 Financing, Inc.
Term Loan B-4(5)
SOFR + 3.25%
20322,400 2,400 
First Lien notes(6)
6.875% - 7.000%
2033 - 2034
4,425 4,425 
Unsecured Senior Notes and Other Debt:
    
Lumen Technologies, Inc.
Senior notes
4.500% - 7.650%
2028 - 2042
1,296 1,296 
Subsidiaries
Level 3 Financing, Inc.
Senior notes
3.625% - 8.500%
2028 - 2036
2,794 2,144 
Second Lien notes (formerly secured)
3.875% - 4.875%
2029 - 2031
52 660 
Qwest Corporation
Senior notes
6.500% - 7.750%
2030 - 2057
1,736 1,736 
Qwest Capital Funding, Inc.
Senior notes
6.875% - 7.750%
2028 - 2031
165 169 
Finance lease and other obligationsVariousVarious223 220 
Unamortized premiums (discounts), net  3 (223)
Unamortized debt issuance costs(134)(151)
Total long-term debt  12,960 17,441 
Less current maturities   (35)(88)
Long-term debt, excluding current maturities  $12,925 17,353 
______________________________________________________________________ 
(1)As of March 31, 2026. All references to "SOFR" refer to the Secured Overnight Financing Rate.
(2)The debt listed under the caption “Senior Secured Debt” was either secured by assets of the issuer, guaranteed on a secured or unsecured basis by certain affiliates of the issuer, or both.
(3)Lumen's Term Loan A had an interest rate of 9.916% as of December 31, 2025.
(4)Lumen's Term Loan B-1 and B-2 each had an interest rate of 6.380% as of December 31, 2025.
(5)Level 3 Financing's Term Loan B-4 had an interest rate of 6.923% and 7.166% as of March 31, 2026 and December 31, 2025, respectively.
(6)Reflects Level 3 Financing's (i) Senior Secured notes issued on March 31, 2023 and (ii) First Lien notes issued on March 22, 2024, June 30, 2025, August 18, 2025, and September 8, 2025.
Schedule of Maturities of Long-Term Debt
Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2026 (excluding unamortized premiums (discounts), net, and unamortized debt issuance costs), maturing during the following years:
 
(Dollars in millions)
2026 (remaining nine months)$31 
202720 
2028380 
20291,277 
2030141 
2031 and thereafter11,242 
Total long-term debt$13,091 
Schedule of Debt Repurchases
The following table sets forth the aggregate principal amount of each series of Second Lien notes purchased as part of this transaction:

Debt
Principal Amount Purchased
(Dollars in millions)
Level 3 Financing, Inc.
4.875% Second Lien Notes due 2029
$595 
4.500% Second Lien Notes due 2030
8 
3.875% Second Lien Notes due 2030
4 
Total$607 
On February 2, 2026, we applied $4.8 billion of the proceeds from the Mass Markets Fiber-to-the-Home divestiture and cash on hand to fund the repurchase of the following debt:

Debt
Principal Amount Repurchased
(Dollars in millions)
Lumen Technologies, Inc.
4.125% Superpriority Senior Secured Notes due 2029
$331 
4.125% Superpriority Senior Secured Notes due 2030
477 
10.000% Secured Notes due 2032
439 
Superpriority Term Loan A
338 
Superpriority Term Loan B-1
1,590 
Superpriority Term Loan B-2
1,590 
Total$4,765 
The following table sets forth the aggregate principal amount of each repurchase:

Debt
Principal Amount Repurchased
(Dollars in millions)
Level 3 Financing, Inc.
4.875% Second Lien Notes due 2029
$1 
Qwest Capital Funding, Inc.
6.875% Senior Notes due 2028
4 
Total$5