v3.26.1
Long-Term Debt and Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
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)
June 30, 2026December 31, 2025

(Dollars in millions)
Senior Secured Debt: (2)
Lumen Technologies, Inc.
Revolving Credit Facility
SOFR + 2.75%
2029— — 
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-5(5)
SOFR + 2.75%
20322,400 2,400 
First Lien notes
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
1,289 1,296 
Subsidiaries
Level 3 Financing, Inc.
Senior notes
3.625% - 8.500%
2028 - 2037
3,024 2,144 
Second Lien notes (formerly secured)
3.875% - 4.875%
2029 - 2031
48 660 
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
166 169 
Finance lease and other obligationsVariousVarious262 220 
Unamortized premiums (discounts), net3 (223)
Unamortized debt issuance costs(147)(151)
Total long-term debt13,206 17,441 
Less current maturities (56)(88)
Long-term debt, excluding current maturities$13,150 17,353 
______________________________________________________________________ 
(1)As of June 30, 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-5, formerly Term Loan B-4, had an interest rate of 6.381% as of June 30, 2026. Level 3 Financing's Term Loan B-4 had an interest rate of 7.166% as of December 31, 2025.
The following table summarizes the key terms of the New Qwest Notes:

DebtAggregate Principal Amount
(Dollars in millions)
Qwest Corporation
6.500% Notes due 2051
$1,002 
6.750% Notes due 2052
382 
The following table summarizes the remaining amount of the Old Qwest Notes:

Debt
Amount Remaining
(Dollars in millions)
Qwest Corporation
6.500% Notes due 2056
$146 
6.750% Notes due 2057
108 
Schedule of Maturities of Long-Term Debt
Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2026 (excluding unamortized premiums (discounts), net, and unamortized debt issuance costs), maturing during the following years:
(Dollars in millions)
2026 (remaining six months)$46 
202723 
2028209 
2029675 
2030144 
2031 and thereafter12,253 
Total long-term debt$13,350 
Schedule of Debt Repurchases
The following table sets forth the aggregate principal amount of each repurchase:

Debt
Principal Amount Repurchased
(Dollars in millions)
Lumen Technologies, Inc.
5.375% Senior Notes due 2029
$7 
Level 3 Financing, Inc.
3.750% Senior Notes due 2029
3 
4.000% Senior Notes due 2031
4 
Total$14 
The following table sets forth the aggregate principal amount of each series of unsecured Senior notes repurchased as part of this transaction:

Debt
Principal Amount Repurchased
(Dollars in millions)
Level 3 Financing, Inc.
4.250% Senior Notes due 2028
$172 
3.625% Senior Notes due 2029
292 
3.750% Senior Notes due 2029
302 
Total$766 
The following table sets forth the aggregate principal amount of each series of Second Lien notes repurchased as part of this transaction:

Debt
Principal Amount Repurchased
(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