Frontier Communications Announces Mandatory Conversion of Preferred Stock
June 26 2018 - 8:00AM
Business Wire
Frontier Communications Corporation (“Frontier”) (NASDAQ:FTR)
today announced that, in accordance with Frontier’s Certificate of
Designation, all its outstanding 11.125% Mandatory Convertible
Preferred Stock, Series A (the “preferred stock”) will
automatically convert into shares of Frontier common stock on June
29, 2018 (the “mandatory conversion date”), at the conversion rate
of 1.3333 shares of common stock per share of preferred stock.
Frontier will issue cash in lieu of any fractional shares of common
stock.
As previously announced, Frontier’s board of directors has
declared a regular and final quarterly dividend on the preferred
stock of $2.78125 per share. The dividend will be payable in cash
on the mandatory conversion date to the holders of preferred stock
presenting such shares for conversion on the mandatory conversion
date.
The conversion of the preferred stock will result in the
issuance of approximately 25.67 million shares of Frontier common
stock on the mandatory conversion date (assuming no further early
conversions). As of June 24, 2018, Frontier had approximately 80.27
million shares of common stock outstanding.
Upon conversion, the preferred stock will be automatically
extinguished and discharged and no longer be deemed outstanding for
all purposes (without the requirement for any further action on
behalf of Frontier, holders of the preferred stock or any other
person). Following the conversion, the preferred stock will be
delisted from trading on the NASDAQ Global Select Market.
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. More information about Frontier is available at
www.frontier.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180626005860/en/
Frontier Communications CorporationInvestor:Luke Szymczak, (203) 614-5044VP, Investor
Relationsluke.szymczak@ftr.comorMedia:Brigid Smith, (203) 614-5042AVP, Corporate
Communicationsbrigid.smith@ftr.com
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