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Long-Term Debt and Credit Facilities (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Including Unamortized Discounts and Premiums | 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) |  | March 31, 2025 |  | December 31, 2024
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Series A Revolving Credit Facility | SOFR + 4.00% |  | 2028 |  | $ | — |  |  | — |
Series B Revolving Credit Facility | SOFR + 6.00% |  | 2028 |  | — |  |  | — |
Term Loan A(3) | SOFR + 6.00% |  | 2028 |  | 352 |  |  | 357 |
Term Loan B-1(4) | SOFR + 2.35% |  | 2029 |  | 1,602 |  |  | 1,606 |
Term Loan B-2(4) | SOFR + 2.35% |  | 2030 |  | 1,602 |  |  | 1,606 |
Term Loan B(5) | SOFR + 2.25% |  | 2027 |  | 56 |  |  | 56 |
Superpriority Notes | 4.125% - 10.000% |  | 2029 - 2032 |  | 1,247 |  |  | 1,247 |
Subsidiaries |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Term Loan B-1(6) | N/A |  | N/A |  | — |  |  | 1,199 |
Term Loan B-2(6) | N/A |  | N/A |  | — |  |  | 1,199 |
Term Loan B-3(7) | SOFR + 4.25% |  | 2032 |  | 2,400 |  |  | — |
Former Facility Tranche B Term Loan(8) | SOFR + 1.75% |  | 2027 |  | 12 |  |  | 12 |
First Lien Notes(9) | 10.500% - 11.000% |  | 2029 - 2030 |  | 3,846 |  |  | 3,846 |
Second Lien Notes | 3.875% - 10.000% |  | 2029 - 2032 |  | 2,579 |  |  | 2,579 |
Unsecured Senior Notes and Other Debt: |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Senior notes | 4.500% - 7.650% |  | 2028 - 2042 |  | 1,296 |  |  | 1,428 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Senior notes | 3.625% - 4.250% |  | 2028 - 2029 |  | 894 |  |  | 964 |
Qwest Corporation |  |  |  |  |  |  |
Senior notes | 6.500% - 7.750% |  | 2025 - 2057 |  | 1,973 |  |  | 1,973 |
Qwest Capital Funding, Inc. |  |  |  |  |  |  |
Senior notes | 6.875% - 7.750% |  | 2028 - 2031 |  | 192 |  |  | 192 |
Finance lease and other obligations | Various |  | Various |  | 250 |  |  | 254 |
Unamortized discounts, net |  |  |  |  | (412) |  |  | (395) |
Unamortized debt issuance costs |  |  |  |  | (225) |  |  | (217) |
Total long-term debt |  |  |  |  | 17,664 |  |  | 17,906 |
Less current maturities |  |  |  |  | (330) |  |  | (412) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 17,334 |  |  | 17,494 |
______________________________________________________________________ (1)As of March 31, 2025. All references to "SOFR" refer to the Secured Overnight Financing Rate. (2)The debt listed under the caption “Senior Secured Debt” is either secured by assets of the issuer, guaranteed on a secured or unsecured basis by certain affiliates of the issuer, or both. (3)Term Loan A had an interest rate of 10.324% and 10.573% as of March 31, 2025 and December 31, 2024, respectively. (4)Term Loan B-1 and B-2 each had an interest rate of 6.788% and 7.037% as of March 31, 2025 and December 31, 2024, respectively. (5)Term Loan B had an interest rate of 6.688% and 6.937% as of March 31, 2025 and December 31, 2024, respectively. (6)Level 3 Financing's Term Loan B-1 and B-2 each had an interest rate composition of SOFR + 6.56% which was 11.133% as of December 31, 2024. (7)Level 3 Financing's Term Loan B-3 had an interest rate of 8.574% as of March 31, 2025. (8)Level 3 Financing's Former Facility Tranche B 2027 Term Loan had an interest rate of 6.188% and 6.437% as of March 31, 2025 and December 31, 2024, respectively. (9)Reflects Level 3 Financing's senior secured notes issued in early 2023 and first lien notes issued on March 22, 2024.
Schedule of Maturities of Long-Term Debt | Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2025 (excluding unamortized discounts, net, and unamortized debt issuance costs), maturing during the following years.
| (Dollars in millions)
2025 (remaining nine months) | $ | 307 |
2026 | 89 |
2027 | 139 |
2028 | 739 |
2029 | 6,004 |
2030 and thereafter | 11,023 |
Total long-term debt | $ | 18,301 |
Schedule of Redemptions of Debt | The following table sets forth the aggregate principal amount of each series of unsecured senior notes of Lumen and Level 3 Financing fully redeemed in exchange for cash on February 15, 2025. Transaction fees related to these redemptions were not significant.
Debt | Aggregate Principal Amount (in millions)
Lumen Technologies, Inc. |
5.625% unsecured Senior Notes due 2025 | $ | 55 |
7.200% unsecured Senior Notes due 2025 | 29 |
5.125% unsecured Senior Notes due 2026 | 7 |
4.000% unsecured Senior Notes due 2027 | 41 |
Level 3 Financing, Inc. |
3.400% unsecured Senior Notes due 2027 | 5 |
4.625% unsecured Senior Notes due 2027 | 65 |
Total | $ | 202 |

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