Lumen launches consent solicitation to enable TSA implementation

By Mary-Katherine Stinson

Lexington, Ky., March 11 – Lumen Technologies, Inc. launched a consent solicitation on March 8 to allow for the completion of the amended and restated transaction support agreement, according to a press release.

Specifically, the consent solicitation seeks to amend some indentures of the company and its subsidiaries to facilitate the completion of the transactions contemplated by the TSA. In addition, the company is requesting that lenders under Lumen’s existing term loans agree to participate in certain transactions.

As previously reported, the company announced an amended transaction support agreement with a broadened group of creditors in January, which, when completed, will address about $9 billion of debt maturities, including more than 77% of debt maturing through 2027.

Lumen expects to close the TSA transactions by the end of March, subject to the satisfaction of limited remaining closing conditions.

Guggenheim Securities, LLC is serving as financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Lumen.

Lumen is a Denver-based telecommunications company.

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