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Frontier Communications Announces $1.65B Secured Debt Offer

March 13, 2019, 07:00 AM
Filed Under: Telecom

Frontier Communications Corporation announced that it has priced its previously announced private offering of $1.650 billion aggregate principal amount of First Lien Secured Notes due 2027. The First Lien Secured Notes will bear interest at 8.000% per year and will be sold at a price equal to 100% of the principal thereof. The settlement of the First Lien Secured Notes is expected to occur on or about March 15, 2019, subject to customary closing conditions.

Frontier intends to use the proceeds from the offering to repay all outstanding indebtedness under its senior secured term loan A facility, which matures in March 2021, and its credit agreement with CoBank ACB, which matures in October 2021, and to pay related fees and expenses. In addition, upon the closing of the First Lien Secured Notes offering, Frontier expects to amend its credit agreement with JPMorgan Chase Bank, N.A. to, among other things, extend the maturity date of at least $835 million of its $850 million revolving credit facility from February 2022 to February 2024 (subject to certain springing maturity dates). The maturity date of any revolver commitment not extended will remain February 2022.

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