Frontier Communications Announces $1.650 Billion First Lien Secured Notes Offering
March 12 2019 - 7:37AM
Business Wire
Frontier Communications Corporation (NASDAQ:FTR) announced today
that it intends to offer $1.650 billion aggregate principal amount
of First Lien Secured Notes due 2027 in a private transaction.
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. The offering of First Lien Secured Notes is subject to market
and other conditions.
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. Any offers of the First Lien Secured Notes will be made
only by means of a private offering memorandum to persons
reasonably believed to be qualified institutional buyers under Rule
144A under the Securities Act of 1933, as amended (the "Securities
Act") and to non-U.S. persons outside of the United States under
Regulation S under the Securities Act.
The First Lien Secured 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 committed to
helping customers navigate internet and entertainment services. As
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 FiOS and Vantage
fiber-optic and its 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 the
First Lien Secured Notes offering and the other factors that are
described in our filings with the U.S. Securities and Exchange
Commission, including our report on Form 10-K. 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: https://www.businesswire.com/news/home/20190312005454/en/
INVESTORS:Luke Szymczak203-614-5044Vice President,
Investor Relationsluke.szymczak@ftr.com
MEDIA:Brigid Smith203-614-5042AVP, Corporate
Communicationsbrigid.smith@ftr.com
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