Lumen Technologies (LUMN) late Thursday said its subsidiary, Level 3 Financing, has refinanced its existing term loans with a new $2.4 billion term loan maturing in 2032.

The new loan is priced at a term secured overnight financing rate plus 4.25% and extends the maturity of Level 3's debt by 30 months on a blended basis. It also lowers the interest rate by 231 basis points and reduces annual interest expense by about $55 million.

Lumen also said it has modified certain covenants in its credit agreement to provide additional financial flexibility.