On January 24, 2020, CenturyLink, Inc. entered into an indenture with Wells Fargo Bank, National Association, as trustee and notes collateral agent, in connection with CenturyLink’s issuance of $1,250,000,000 aggregate principal amount of its 4.000% Senior Secured Notes due 2027 (the “2027 Notes”). The principal terms of the 2027 Notes are set forth in the Indenture. CenturyLink received net proceeds from the sale of the 2027 Notes of approximately $1.236 billion, after deducting fees and offering expenses. CenturyLink used these net proceeds to repay a portion of its outstanding indebtedness under its existing 2017 senior secured credit facilities. The 2027 Notes will mature on February 15, 2027. Interest on the 2027 Notes will be payable on February 15 and August 15 of each year, beginning on August 15, 2020. The 2027 Notes are unconditionally guaranteed by each of CenturyLink’s domestic subsidiaries (the “Guarantors”) that guarantees CenturyLink’s 2017 senior secured credit facilities, subject to the receipt of certain regulatory approvals and various exceptions and limitations (the “Guarantees”). While the 2027 Notes are not secured by any of the assets of CenturyLink, certain of the Guarantees are secured by a first priority security interest in substantially all of the assets of such Guarantors (including the stock of certain of their respective subsidiaries), which assets also secure obligations under CenturyLink’s 2017 senior secured credit facilities on a pari passu basis.
Lumen Technologies, Inc. is a facilities-based technology and communications company. The Company provides a range of integrated products and services to its domestic and global business customers and its domestic mass markets customers. It operates through two segments: Business segment and Mass Markets segment. Its Business segment provides its products and services under four sales channels to meet the needs of its enterprise and commercial customers. Its products and services in this segment include Dark Fiber, Edge Cloud Services, Internet Protocol (IP), Managed Security Services, Software-Defined Wide Area Networks (SD WAN), Secure Access Service Edge (SASE), Optical Services, Ethernet, VPN Data Networks, Voice Services, IT Solutions and Other Legacy Services. Its Mass Markets segment provides products and services to residential and small business customers. Its products and services in this segment include Fiber Broadband, Other Broadband and Voice and Other.