Lumen Technologies LUMN is in talks with its lenders to seek support for a debt deal that would delay the maturity of the company’s billions of dollars of debt and raise fresh capital, the Wall Street Journal reported Monday.
The telecommunications company reached a debt restructuring agreement (link) late last year with a group of creditors holding more than $7 billion of the company’s debt to obtain an extension on the maturity of its debt.
Creditors also committed $1.2 billion in additional financing through long-term debt.
However, the lenders for the revolving credit facility, led by Bank of America, were not involved in the discussions that led to the restructuring deal, the WSJ report said, citing people familiar with the matter.
The lender’s approval of the revolving loan is likely to be the final hurdle before the debt restructuring is completed, it said.
Lumen did not immediately respond to a Reuters request for comment.
The company’s long-term debt stood at $19.74 billion at the end of the third quarter, the company said in its earnings report (link).
2024-01-08 19:29:30
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