Lumen Technologies garnered the support of more debtholders for an out-of-court restructuring deal that would allow the telecom company to push out maturities past 2027, WSJ Pro Bankruptcy reported. The company on Thursday said it secured the backing of holders of $12.5 billion of debt — up from $7 billion last fall — extending their due dates to 2029 and 2030. The holders who have agreed to swap their debt together own 70% of the debt coming due at Lumen and its Level3 subsidiary between now and 2027, the company said. The new deal provides fresh capital totaling $1.3 billion, up from $1.2 billion agreed to last year, according to the company’s disclosures. “The broad support for this agreement across our capital structure is a clear indication of the confidence in our transformation strategy and our vision, which allows us to focus on our path forward,” Chris Stansbury, Lumen’s chief financial officer said. Formerly known as CenturyLink, Monroe, La.-based Lumen expanded through several takeovers, including a $25 billion merger with Level 3 Communications in 2017. The company is grappling with $20 billion in debt, much of which comes due in the next several years. The company faces more than $12 billion in debt maturities between now and 2027, according to Moody’s Investors Service.
