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Lumen Technologies Amends Tender Offers for Second-Lien Notes

Story Highlights
  • Lumen removed the $1.5 billion cap, making its second-lien note tender offers effectively any-and-all through expiration.
  • Roughly $2.124 billion of notes were tendered and $1.5 billion accepted by December 19, signaling strong creditor participation and active deleveraging.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Lumen Technologies Amends Tender Offers for Second-Lien Notes

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Lumen Technologies ( (LUMN) ) has issued an update.

On December 22, 2025, Lumen Technologies announced early results and significant amendments to its previously launched cash tender offers and consent solicitations for four series of Level 3 Financing’s Existing Second Lien Notes due 2029–2031. The company removed the former $1.5 billion aggregate cap and shifted to an “any and all” structure for these second-lien issues, allowing all notes validly tendered up to the expiration date to receive the stated total consideration, while modifying withdrawal deadlines and adding a $1.75 billion financing condition specifically for most of the 2029 Notes. As of the December 19 early tender deadline, about $2.124 billion in aggregate principal of these notes had been validly tendered and not withdrawn, with approximately $1.5 billion already accepted for purchase, indicating strong bondholder participation and underscoring Lumen’s active balance sheet management and efforts to reshape its secured debt profile.

The most recent analyst rating on (LUMN) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Lumen Technologies stock, see the LUMN Stock Forecast page.

Spark’s Take on LUMN Stock

According to Spark, TipRanks’ AI Analyst, LUMN is a Neutral.

Lumen Technologies’ overall stock score reflects significant financial challenges, including high leverage and negative equity, which weigh heavily on its performance. However, positive technical indicators, strategic debt management, and promising earnings call insights provide some optimism. The valuation remains a concern due to negative earnings and lack of dividends.

To see Spark’s full report on LUMN stock, click here.

More about Lumen Technologies

Lumen Technologies, Inc. is a U.S.-listed telecommunications and network infrastructure company that, through subsidiaries such as Level 3 Financing, Inc., issues secured notes and other debt instruments to fund its operations and manage its capital structure in the enterprise connectivity and data services market.

Average Trading Volume: 18,140,497

Technical Sentiment Signal: Buy

Current Market Cap: $8.4B

See more data about LUMN stock on TipRanks’ Stock Analysis page.

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