Long-Term Debt and Credit Facilities

6 Months Ended

Jun. 30, 2019

The following chart reflects the consolidated long-term debt of CenturyLink, Inc. and its subsidiaries, including unamortized discounts and premiums and unamortized debt issuance costs, but excluding intercompany debt:



	Interest Rates⁽¹⁾	Maturities	June 30, 2019			December 31, 2018
			(Dollars in millions)
Senior Secured Debt: ⁽²⁾
CenturyLink, Inc.
2017 Revolving Credit Facility	5.151% - 5.237%	2022	$	650		550
Term Loan A ⁽³⁾	LIBOR + 2.75%	2022	1,579			1,622
Term Loan A-1 ⁽³⁾	LIBOR + 2.75%	2022	342			351
Term Loan B ⁽³⁾	LIBOR + 2.75%	2025	5,910			5,940
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2024 Term Loan ⁽⁴⁾	LIBOR + 2.25%	2024	4,611			4,611
Embarq Corporation subsidiaries
First mortgage bonds	7.125% - 8.375%	2023 - 2025	138			138
Senior Notes and Other Debt:
CenturyLink, Inc.
Senior notes	5.625% - 7.650%	2019 - 2042	7,698			8,036
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	5.125% - 6.125%	2021 - 2026	5,315			5,315
Level 3 Parent, LLC
Senior notes	5.750%	2022	600			600
Qwest Corporation
Senior notes	6.125% - 7.750%	2021 - 2057	5,956			5,956
Term loan	4.410%	2025	100			100
Qwest Capital Funding, Inc.
Senior notes	6.875% - 7.750%	2021 - 2031	352			697
Embarq Corporation and subsidiary
Senior note	7.995%	2036	1,450			1,485
Other	9.000%	2019	148			150
Finance lease and other obligations	Various	Various	223			801
Unamortized discounts and other, net			(21		)	(8	)
Unamortized debt issuance costs			(263		)	(283	)
Total long-term debt			34,788			36,061
Less current maturities			(1,595		)	(652	)
Long-term debt, excluding current maturities			$	33,193		35,409

______________________________________________________________________


(1)	As ofJune 30, 2019.


(2)	For information on certain parent or subsidiary guarantees and liens securing this debt, see "Other" below.


(3)	Term Loans A, A-1 and B had interest rates of 5.152% and 5.272% as of June 30, 2019 and December 31, 2018, respectively.


(4)	The Tranche B 2024 Term Loan had an interest rate of 4.652% as of June 30, 2019 and 4.754% as of December 31, 2018, respectively.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt (excluding unamortized discounts, net and unamortized debt issuance costs) maturing during the following years as of June 30, 2019:



	(Dollars in millions)
2019 (remaining six months)	$	496
2020	1,191
2021	3,118
2022	5,386
2023	2,095
2024 and thereafter	22,786
Total long-term debt	$	35,072

Repayments

During the six months ended June 30, 2019, CenturyLink and its affiliates repurchased approximately $720 million of their respective debt securities, which primarily included approximately $345 million of Qwest Capital Funding notes and $338 million of CenturyLink, Inc. Senior notes.

Covenants

Certain of our debt instruments contain affirmative and negative covenants. Debt at CenturyLink, Inc., Level 3 Parent, LLC, and Level 3 Financing, Inc. contain more extensive covenants including, among other things and subject to certain exceptions, restrictions on their ability to declare or pay dividends, repay certain other indebtedness, create liens, incur additional indebtedness, make investments, engage in transactions with their affiliates, dispose of assets and merge or consolidate with any other person. Also, CenturyLink, Inc. and certain of its affiliates will be required to offer to purchase certain of their respective outstanding debt under certain circumstances in connection with certain specified "change of control" transactions.

Certain of our debt instruments contain cross acceleration provisions.

Compliance

As of June 30, 2019, CenturyLink, Inc. believes it and its subsidiaries were in compliance with the provisions and financial covenants in their respective material debt agreements in all material respects.

Other

In February 2019, we entered into five variable-to-fixed interest rate swap agreements to hedge the interest payments on $2.5 billion notional amount of floating rate debt. See Note 10—Derivative Financial Instruments.

In June 2019, we entered into six variable-to-fixed interest rate swap agreements to hedge the interest payments on $1.5 billion notional amount of floating rate debt. See Note 10—Derivative Financial Instruments.

Subsequent Event

On July 29, 2019, CenturyLink announced that its subsidiary, Level 3 Financing, Inc. will redeem $400 million of its $640 million 6.125% Senior Notes on August 25, 2019.

For additional information on our long-term debt and credit facilities, see Note 6—Long-Term Debt and Credit Facilities to our consolidated financial statements in Item 8 of Part II of our annual report on Form 10-K for the year ended December 31, 2018.