Lumen driving by with $750 million eight-year senior notes; initial guidance in 4¾% area

By Paul A. Harris

Portland, Ore., Nov. 23 – Lumen Technologies (formerly CenturyLink, Inc.) plans to price a $750 million offering of senior notes due January 2029 in a Monday drive-by, according to market sources.

Initial guidance has the Rule 144A and Regulation S for life notes coming to yield in the 4¾% area, a bond trader said.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc., Barclays, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC, Fifth Third Securities Inc., Mizuho Securities USA Inc., TD Securities (USA) LLC, Truist Securities Inc., Citizens Capital Markets Inc., MUFG, Deutsche Bank Securities Inc. and Regions Securities LLC are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The Monroe, La.-based telecom plans to use the proceeds to call $500 million of the $775 million 6 1/8% Qwest Corp. notes due 2053 at par and to repay $250 million of revolver debt maturing in 2025.

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