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Long-Term Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 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)						September 30, 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						343						357
Term Loan B-1(4)			SOFR + 2.35%						2029						1,594						1,606
Term Loan B-2(4)			SOFR + 2.35%						2030						1,594						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-4(7)			SOFR + 3.25%						2032						2,400						—
Former Facility Tranche B Term Loan(8)			SOFR + 1.75%						2027						12						12
First Lien notes(9)			6.875% - 7.000%						2033 - 2034						4,425						3,846
Second Lien notes			3.875% - 4.875%						2029 - 2031						2,229						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%						2030 - 2057						1,736						1,973
Qwest Capital Funding, Inc.
Senior notes			6.875% - 7.750%						2028 - 2031						169						192
Finance lease and other obligations			Various						Various						233						254
Unamortized discounts, net															(404)						(395)
Unamortized debt issuance costs															(152)						(217)
Total long-term debt															17,672						17,906
Less current maturities															(94)						(412)
Long-term debt, excluding current maturities															$	17,578					17,494

______________________________________________________________________ 

(1)As of September 30, 2025. All references to "SOFR" refer to the Secured Overnight Financing Rate.

(2)The debt listed under the caption “Senior Secured Debt” was either secured by assets of the issuer, guaranteed on a secured or unsecured basis by certain affiliates of the issuer, or both.

(3)Lumen's Term Loan A had an interest rate of 10.316% and 10.573% as of September 30, 2025 and December 31, 2024, respectively.

(4)Lumen's Term Loan B-1 and B-2 each had an interest rate of 6.780% and 7.037% as of September 30, 2025 and December 31, 2024, respectively.

(5)Lumen's Term Loan B had an interest rate of 6.680% and 6.937% as of September 30, 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. As described below, this indebtedness was refinanced during the first quarter of 2025.

(7)Level 3 Financing's Term Loan B-4 had an interest rate composition of SOFR + 3.25%, which was 7.566% as of September 30, 2025.

(8)Level 3 Financing's Former Facility Tranche B 2027 Term Loan had an interest rate of 6.180% and 6.437% as of September 30, 2025 and December 31, 2024, respectively.

(9)Reflects Level 3 Financing's (i) Senior Secured notes issued on March 31, 2023 and (ii) First Lien notes issued on March 22, 2024, June 30, 2025, August 18, 2025, and September 8, 2025.

Schedule of Maturities of Long-Term Debt

Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2025 (excluding unamortized discounts, net, and unamortized debt issuance costs), maturing during the following years:

			(Dollars in millions)
2025 (remaining three months)			$	25
2026			89
2027			139
2028			716
2029			3,761
2030 and thereafter			13,498
Total long-term debt			$	18,228

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 Redeemed on February 15, 2025			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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