Level 3 First-Lien Creditors Tap Adviser to Weigh Debt Options

A group of first-lien creditors to telecommunications firm Lumen Technologies Inc. is working with financial adviser Houlihan Lokey Inc. to explore options on a possible financing transaction with the company, according to people familiar with the situation.

The creditor group holds a mix of first-lien bonds and first-lien loans tied to Level 3 Communications, which Lumen acquired in 2017, said the people, who asked not to be identified because the matter is private. The group wants to see if it can reach a financing deal with the company in return for tighter credit documents, the people added.

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