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Long-Term Debt and Note Payable - Affiliate
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt and Note Payable - Affiliate Long-Term Debt and Note Payable - Affiliate
On March 22, 2024 Qwest Corporation, Lumen Technologies, Inc ("Lumen"), Level 3 Financing, Inc. ("Level 3"), and a group of creditors holding a majority of Lumen's consolidated debt (the "Consenting Debtholders" and, collectively with Qwest Corporation, Lumen and Level 3, the "Transaction Service Agreement ("TSA") Parties") completed transactions contemplated under the amended and restated transaction support agreement that the TSA Parties entered into on January 22, 2024 (the "TSA Transactions"). For detailed information about all transactions completed under the TSA, please see Note 5—Long-Term Debt and Credit Facilities to the financial statements included in Item 1 of Part I of Lumen’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. The TSA Transactions, as they relate specifically to Qwest, include the following:

•Qwest Corporation and certain of its subsidiaries (the “Qwest Guarantors”) agreed to guarantee Lumen’s obligations under its new credit agreements and superiority secured notes, as further described below; and

•Qwest Corporation retired its term loan maturing in 2027, repaid by an affiliate.
The following chart reflects the consolidated long-term debt of Qwest Corporation and its subsidiaries, including finance lease and other obligations, unamortized premiums, net and unamortized debt issuance costs:
Interest Rates (1)
Maturities (1)
March 31, 2024December 31, 2023
   (Dollars in millions)
Senior notes
6.500% - 7.750%
2025 - 2057$1,986 1,986 
Term loan (2)
 SOFR + 2.50%
2027— 215 
Finance lease and other obligationsVariousVarious4 4 
Unamortized premiums, net  3 4 
Unamortized debt issuance costs(51)(52)
Total long-term debt  $1,942 2,157 
Less current maturities(1)(1)
Long-term debt, excluding current maturities$1,941 2,156 
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(1)As of March 31, 2024.
(2)The Term Loan had an interest rate of 7.970% as of December 31, 2023.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable-affiliate) maturing during the following years:
(Dollars in millions)
2024 (remaining nine months)$— 
2025251 
20261 
20271 
2028— 
2029 and thereafter1,737 
Total long-term debt$1,990 

Impact of Debt Transactions

Consummation of the above-described TSA Transactions substantially changed the structure and terms of Lumen's consolidated long-term debt, including by repaying our term loan maturing 2027 and causing the Qwest Guarantors to guarantee certain of Lumen’s debt.

For additional information about the TSA Transactions, see (i) the other information included in this report and (ii) our Current Report on Form 8-K dated March 22, 2024.

Qwest Guarantees of Lumen Debt

Lumen’s obligations under its new credit agreements entered into on March 22, 2024 and its new superpriority secured senior notes issued on March 22, 2024 are unsecured, but the Qwest Guarantors have provided an unconditional unsecured guarantee of payment of Lumen’s obligations under these agreements and senior notes.

Senior Notes and Intercompany Debt

For information about our senior notes and intercompany debt arrangement, see Note 6—Long-Term Debt and Note Payable—Affiliate to the financial statements included in Item 8 of Part II of Qwest’s Annual Report on Form 10-K for the year ended December 31, 2023.
Compliance

As of March 31, 2024, we believe we were in compliance with the financial covenants contained in our material debt agreements in all material respects.