Lumen Technologies (fka CenturyLink)

restructured

Infrastructure / Telecom — Apollo (partial acquirer) / Various PE creditors

Deal Terms

Entry Year2021

Entry EV$7.5B

Entry Multiple5x

Leverage6x

Debt Amount$15B

Risk Metrics

LTV (est.)200%

Debt / EV2.00x

Notes

Apollo bought Lumen's ILEC business in 20 states for $7.5B (2021). Lumen restructured $15B+ debt out of court (2024) — extending maturities to 2029+. Legacy telco drowning in debt from CenturyLink's $34B Level 3 acquisition (2017). $15B restructuring exposed 'cruelty of credit markets.' AI/data center demand is only lifeline. Apollo cherry-picked the best assets.

Sponsor

Apollo Global Management$938B AUM