Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

The following table reflects our consolidated long-term debt, including finance leases and other obligations, unamortized discounts and premiums, net and unamortized debt issuance costs, but excluding intercompany debt:


	Interest Rates (1)	Maturities (1)	September 30, 2023		December 31, 2022
			(Dollars in millions)
Level 3 Financing, Inc.
Senior Secured Debt: (2)
Senior notes	3.400% - 10.500%	2027 - 2030	$	2,425	1,500
Tranche B 2027 Term Loan (3)	SOFR + 1.75%	2027	2,411		2,411
Senior Notes and other debt:
Senior notes (4)	3.625% - 4.625%	2027 - 2029	3,940		3,940
Finance leases and other obligations(5)	Various	Various	266		291
Unamortized premiums, net			3		3
Unamortized debt issuance costs			(56)		(49)
Total long-term debt			8,989		8,096
Less current maturities			(29)		(26)
Long-term debt, excluding current maturities			$	8,960	8,070

______________________________________________________________________

(1)As of September 30, 2023.

(2)See Note 7—Long-Term Debt in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of certain affiliate guarantees and liens securing this debt.

(3)The Tranche B 2027 Term Loan had an interest rate of 7.181% and 6.134% as of September 30, 2023 and December 31, 2022, respectively.

(4)See Note 7—Long-Term Debt in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of guarantees provided by certain affiliates of Level 3 Financing, Inc.

(5)Excludes finance lease obligations of our EMEA business classified as held for sale.

Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding discounts)

Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2023 (excluding unamortized premiums, net, unamortized debt issuance costs, and intercompany debt), maturing during the following years:


	(Dollars in millions)
2023 (remaining three months)	$	9
2024	30
2025	37
2026	35
2027	4,180
2028 and thereafter	4,751
Total long-term debt	$	9,042

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Level 3 Parent, LLC 10-Q