Shares of Lumen (NYSE: LUMN) are posting big gains in Friday's trading. The telecom company's share price was up 11.6% as of 11:40 a.m. ET today, according to data from S&P Global Market Intelligence.

Yesterday, Lumen published a press release announcing some major refinancing and credit news. The news should give the company a greater degree of financial flexibility and help to minimize near-term bankruptcy risks.

Per the announcement, Lumen has reached agreements with a group of its lenders to extend maturities on its debt. The group of creditors that Lumen has come to updated terms with holds $12.5 billion of its outstanding debt, representing 70% of the amount of debt that had been scheduled to come due through 2027.

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Source Fool.com