LUMN - Lumen Technologies Inc. (LUMN) New Street Research and BCG Fiber-to-the-Future Conference (Transcript)
2024-03-22 14:44:10 ET
Lumen Technologies, Inc. (LUMN)
New Street Research and BCG Fiber-to-the-Future Conference
March 22, 2024 12:10 PM ET
Company Participants
Chris Stansbury - Executive Vice President and Chief Financial Officer
Conference Call Participants
Jonathan Chaplin - New Street Research
Presentation
Jonathan Chaplin
Good afternoon, everybody. I'm delighted to introduce our next speaker, Chris Stansbury, CFO of Lumen. Chris, last time we did meetings together, you were relatively new in the seat. Kate had been announced, but she hadn't joined yet. The conversations were difficult. A tremendous amount has changed in the course of the last year and a half.
Perhaps the most important of which or most significant of which is the TSA that you managed to pull off and closed this morning, because it makes everything else we're going to speak about today possible, freeze up the team to focus on the business with a clear runway to 2029. So congratulations for getting that done, and thanks for joining us today.
Chris Stansbury
Yes. Thanks very much. And, it's great to be with everybody, and that's -- that was a great way to say it. When you look at our capital structure, all the way back to when we were paying a dividend. Right? We were, just before Kate joined, we were paying a $1.1 billion dividend a year, and we had $20 billion of outstanding debt, $10 billion of which was due in 2027, and $12 billion to $13 billion do really between now and then.
So, as we were executing the turnaround, which we're making great progress on, ultimately, the debt had the potential to be a limiting factor, just given where the credit markets were. So, the execution of the TSA is a major milestone for us. There's no way to understate it because it clears the path, it gives us the financing we need, and it frankly puts a lot more confidence in the marketplace that we've now got time to do it....
Lumen Technologies, Inc. (LUMN) New Street Research and BCG Fiber-to-the-Future Conference (Transcript)