Lumen Technologies last month announced the successful completion of a repricing transaction of Level 3 Financing, Inc.’s (“Level 3”) $2.4 billion credit facilities at Term SOFR + 3.25%. The new pricing represents a reduction of 100 basis points, resulting in $24 million in annual interest expense savings. Additionally, in connection with the refinancing transaction certain other modifications were made to the covenants in the Credit Agreement to provide additional flexibility to Level 3.
Chris Stansbury, Lumen's CFO, discusses the company's debt restructuring and path toward for growth, the sale of its residential-fiber unit to AT&T, and the current state of the telecom space. Chris speaks with Tim Stenovec, Emily Graffeo and Nina Trentmann on Bloomberg Businessweek Daily.