Frontier Communications Prices $1.6 Billion Second Lien Secured Notes Offering
March 08 2018 - 4:52PM
Business Wire
Frontier Communications Corporation (NASDAQ:FTR) announced
today that it has priced its previously announced private offering
of $1.6 billion aggregate principal amount of Second Lien
Secured Notes due 2026 (the “Notes”). The Notes will bear interest
at 8.500% per year. The Notes will be sold at a price equal to 100%
of the principal thereof. The settlement of the Notes is expected
to occur on or about March 19, 2018, subject to customary closing
conditions.
Frontier intends to use the proceeds from the offering to
finance the cash consideration payable in connection with its
previously announced offers to purchase for cash certain of its
senior notes maturing in 2020, 2021, 2022 and 2023 and to pay
related fees and expenses. Each of the tender offers will expire at
11:59 PM, New York City time on April 2, 2018, unless extended or
earlier terminated by the Company in accordance with the terms of
the Company’s Offer to Purchase and Consent Solicitation Statement,
dated March 6, 2018 (the “Offer to Purchase”).
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sales of securities mentioned in this press release in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. All offers of the Notes were made only by means of a
private offering memorandum to qualified institutional buyers under
Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act") and to persons outside of the United
States under Regulation S under the Securities Act.
The Notes have not been registered under the Securities Act or
the securities laws of any other jurisdiction and may not be
offered or sold in the United States absent registration
or an applicable exemption from registration requirements.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) is a
leader in providing communications services to urban, suburban, and
rural communities in 29 states. Frontier offers a variety
of services to residential customers over its fiber-optic and
copper networks, including video, high-speed internet, advanced
voice, and Frontier Secure® digital protection solutions.
Frontier Business offers communications solutions to small, medium,
and enterprise businesses.
Forward-Looking Statements
This document contains "forward-looking statements," related to
future, not past, events. Forward-looking statements address our
expected future business and financial performance and financial
condition, and contain words such as "expect," "anticipate,"
"intend," "plan," "believe," "seek," "see," "will," "would," or
"target." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. These risks and
uncertainties include, but are not limited to: the success of
Frontier's tender offers and consent solicitation under the Offer
to Purchase, including the willingness of noteholders to tender
their notes at the price and on the terms and conditions proposed
by Frontier in the Offer to Purchase and their willingness to
deliver consents in the consent solicitation; the completion of the
settlement of the Notes offering; and the other factors that are
described in our filings with the U.S. Securities and Exchange
Commission, including our reports on Forms 10-K and 10-Q. These
risks and uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update or revise these
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20180308006359/en/
Frontier Communications CorporationINVESTORS:Luke
Szymczak, 203-614-5044Vice President, Investor
Relationsluke.szymczak@ftr.comorMEDIA:Brigid Smith,
203-614-5042AVP, Corporate Communicationsbrigid.smith@ftr.com
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