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Long-Term Debt and Note Payable - Affiliate
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt and Note Payable - Affiliate Long-Term Debt
The following table reflects our consolidated long-term debt as of the dates indicated below, including unamortized discounts and premiums and unamortized debt issuance costs:

Interest Rates (1)
Maturities (1)
June 30, 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  2 4 
Unamortized debt issuance costs(51)(52)
Total long-term debt  $1,941 2,157 
Less current maturities(1)(1)
Long-term debt, excluding current maturities$1,940 2,156 
_______________________________________________________________________________
(1)As of June 30, 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 June 30, 2024 (excluding unamortized premiums, net and unamortized debt issuance costs) maturing during the following years:
(Dollars in millions)
2024 (remaining six months)$— 
2025251 
20261 
20271 
2028— 
2029 and thereafter1,737 
Total long-term debt$1,990 

Impact of Recent Debt Transactions

On March 22, 2024 (the "Effective Date"), Lumen Technologies, Level 3 Financing, Qwest Corporation and a group of creditors holding a majority of our consolidated debt completed transactions contemplated under the amended and restated transaction support agreement ("TSA") that such parties entered into on January 22, 2024 (the "TSA Transactions"), including the termination, repayment or exchange of previous commitments and debt and the issuance of new term loan facilities, notes, and revolving credit facilities.

For additional information about the TSA Transactions, see (i) the other information included in this report, (ii) our Current Report on Form 8-K dated March 22, 2024 and (iii) Note 5—Long-Term Debt and Note Payable—Affiliate to the financial statements included in Item 1 of Part I of our Quarterly Report on Form 10-Q for the three months ended March 31, 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 Qwest Corporation and certain of its subsidiaries 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 our Annual Report on Form 10-K for the year ended December 31, 2023.

Compliance

As of June 30, 2024, we believe we were in compliance with the financial covenants contained in our material debt agreements in all material respects.