Lumen Technologies filed updated unaudited pro forma financial information reflecting the impact of the recently completed sale of its Mass Markets fiber-to-the-home business. The divestiture generated approximately $5.72 billion in pre-tax cash proceeds, which were primarily used to repay and redeem several series of secured notes and other credit facilities, significantly reducing the company's debt.
Key Details
- Transaction: On February 2, 2026, Lumen completed the sale of its fiber-to-the-home business across 11 states to a subsidiary of AT&T Inc. for total cash consideration of $5.75 billion.
- Proceeds & Use: The company received approximately $5.72 billion in pre-tax cash proceeds after adjustments. These funds were used to redeem multiple series of secured notes and repay all outstanding amounts under its superpriority term B credit agreement.
- Financial Impact: For the three months ended March 31, 2026, Lumen recorded a $596 million pre-tax gain on the sale and a $226 million loss on the early retirement of debt.