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Bond Market News
Lumen’s Bonds Rise Amid New Connectivity Contract
August 16, 2024
Lumen’s bonds were up over 2%, continuing its upward streak since July. In the latest update, The New Mexico Office of Broadband Access and Expansion selected Lumen to provide nearly 900 miles of high-speed fiber connectivity to K-12 public schools around the state, including charter and tribal schools. The three-year contract is worth more than $4.3mn during the first phase. The rally in Lumen’s bonds began after it announced a partnership with Microsoft. More recently, the company reported upbeat quarterly results leading to a rally in its bonds. In April, it completed a restructuring deal with creditors that reduced its debt and provided them time and capital to return to growth.
Lumen’s 4% 2027s were up 2.2 points to 76.33, yielding 15.9%.
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