Lumen is the former CenturyLink / Level 3 Communications combination.
Selling assets — $7.5bn in ILEC business to Apollo at 5.5x EBITDA & $2.7bn LATAM assets at 9x EBITDA
Merger with Level 3 Communications — In October 2016, CenturyLink and Level 3 announced meger
- Pro-forma — $26bn revenue and $11bn EBITDA
- Tranxaction valued at $34bn — 42% premium to Level 3 share price (CenturyLink gave up stock valued at $28/share vs. today’s price at less than $11)
4Q21 results — BofA comments following results in Feb 2022 — in short: the dividend coverage looks weak and may be at risk for a cut