04:31 PM EDT, 08/18/2025 (MT Newswires) -- Lumen Technologies ( LUMN ) said late Monday its unit, Level 3 Financing, closed a $2 billion offering of 7% first lien notes due 2034.

The subsidiary used the net proceeds along with cash on hand to completely redeem $1.41 billion of its 11% senior secured notes due 2029 and partially redeem $305.4 million of 10.75% first lien notes due 2030, according to a statement.

The transaction is part of Lumen's financial roadmap to streamline its capital structure, extend maturities, and minimize overall borrowing costs for interest expense savings, and have financial flexibility to facilitate artificial intelligence-era network expansion, the company said.