We advised an ad hoc group of noteholders on the transactions

Davis Polk advised an ad hoc group of holders of senior unsecured notes issued by Qwest Corporation, a wholly owned subsidiary of Lumen Technologies, Inc. in connection with public exchange transactions involving more than $1.6 billion of Qwest notes. The transactions entailed, among other things, the exchange of existing 6.5% senior notes due 2056 and 6.75% senior notes due 2057 into new senior Qwest notes due 2051 or 2052, issued at each holder’s election. Davis Polk also advised the ad hoc group in connection with strategic considerations relating to the company’s sale of its mass markets business to AT&T.

Lumen is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. It operates one of the world’s most interconnected networks. Its platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes.

The Davis Polk restructuring team included partner Adam L. Shpeen and Jon Finelli and associates Christopher Martin, Lara Luo and Kevin L. Winiarski. The capital markets team included partner Stephen A. Byeff and counsel Brian Hecht. Partner Elliot Moskowitz and associate Adam M. Greene provided civil litigation advice. Partner Lee Hochbaum provided corporate advice. All members of the Davis Polk team are based in the New York office.

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