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Long-Term Debt and Credit Facilities
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt and Credit Facilities Long-Term Debt and Credit Facilities
The following table reflects the consolidated long-term debt of Lumen Technologies, Inc. and its subsidiaries as of the dates indicated below, including unamortized discounts and premiums unamortized debt issuance costs:

Interest Rates(1)
Maturities(1)
June 30, 2022December 31, 2021
   (Dollars in millions)
Senior Secured Debt: (2)
Lumen Technologies, Inc.
Revolving Credit Facility(3)
LIBOR + 2.00%
2025$800 200 
Term Loan A(4)
LIBOR + 2.00%
20251,021 1,050 
Term Loan A-1(4)
LIBOR + 2.00%
2025291 300 
Term Loan B(5)
LIBOR + 2.25%
20274,875 4,900 
Senior notes4.000%20271,250 1,250 
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2027 Term Loan(6)
LIBOR + 1.75%
20273,111 3,111 
Senior notes
3.400% - 3.875%
2027 - 2029
1,500 1,500 
Embarq Corporation subsidiaries
First mortgage bonds
7.125% - 8.375%
2023 - 2025
138 138 
Senior Notes and Other Debt:(7)
    
Lumen Technologies, Inc.
Senior notes
4.500% - 7.650%
2023 - 2042
7,014 8,414 
Subsidiaries:
Level 3 Financing, Inc.
Senior notes
3.625% - 5.375%
2025 - 2029
5,515 5,515 
Qwest Corporation
Senior notes
6.500% - 7.750%
2025 - 2057
1,986 1,986 
Term loan(8)
LIBOR + 2.00%
2027215 215 
Qwest Capital Funding, Inc.
Senior notes
6.875% - 7.750%
2028 - 2031
255 255 
Finance lease and other obligationsVariousVarious335 347 
Unamortized premiums, net  18 21 
Unamortized debt issuance costs(203)(220)
Total long-term debt  28,121 28,982 
Less current maturities   (156)(1,554)
Long-term debt, excluding current maturities  $27,965 27,428 
______________________________________________________________________ 
(1)As of June 30, 2022.
(2)See Note 7—Long-Term Debt and Credit Facilities in our Annual Report on Form 10-K for the year ended December 31, 2021 for a description of certain parent or subsidiary guarantees and liens securing this debt.
(3)The Revolving Credit Facility had interest rates of 2.571% and 2.103% as of June 30, 2022 and December 31, 2021, respectively.
(4)Term Loans A and A-1 had interest rates of 3.666% and 2.104% as of June 30, 2022 and December 31, 2021, respectively.
(5)Term Loan B had interest rates of 3.916% and 2.354% as of June 30, 2022 and December 31, 2021, respectively.
(6)The Level 3 Tranche B 2027 Term Loan had interest rates of 3.416% and 1.854% as of June 30, 2022 and December 31, 2021, respectively.
(7)As of both June 30, 2022 and December 31, 2021, the table excludes $1.4 billion of 7.995% Embarq senior notes maturing in 2036 that are classified as held for sale. See Note 2—Recently Completed Divestiture of the Latin American Business and Planned Divestiture of ILEC Business.
(8)The Qwest Corporation Term Loan had interest rates of 3.670% and 2.110% as of June 30, 2022 and December 31, 2021, respectively.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2022 (excluding unamortized premiums, net, and unamortized debt issuance costs), maturing during the following years:

 
(Dollars in millions)(1)
2022 (remaining six months)$143 
2023977 
20241,158 
20253,690 
20262,062 
2027 and thereafter20,276 
Total long-term debt$28,306 
______________________________________________________________________ 
(1)As of June 30, 2022, these amounts exclude $1.5 billion of debt and finance lease obligations that have been reclassified as held for sale. See Note 2—Recently Completed Divestiture of the Latin American Business and Planned Divestiture of ILEC Business for more information.

Borrowings and Repayments

During the six months ended June 30, 2022, Lumen Technologies borrowed $1.6 billion from, and made repayments of $975 million to, its Revolving Credit Facility. A portion of these proceeds, together with cash on hand, were used to repay $1.4 billion of its 5.800% senior notes at maturity in the first quarter of 2022.

Covenants

Certain of our debt instruments contain affirmative and negative covenants. Debt at Lumen Technologies, Inc. and Level 3 Financing, Inc. contains more extensive covenants including, among other things and subject to certain exceptions, restrictions on the ability to declare or pay dividends, repay certain other indebtedness, create liens, incur additional indebtedness, make investments, engage in transactions with affiliates, dispose of assets and merge or consolidate with any other person. Also, Lumen Technologies, Inc. and certain of its affiliates will be required to offer to purchase certain of their respective outstanding debt under defined circumstances in connection with specified "change of control" transactions.

Certain of our debt instruments contain cross-payment default or cross-acceleration provisions.

Compliance

As of June 30, 2022, Lumen Technologies, Inc. believes it and its subsidiaries were in compliance with the provisions and financial covenants in their respective material debt agreements in all material respects.