STAMFORD, Conn.--(BUSINESS WIRE)--
Frontier Communications Corporation (NASDAQ: FTR) announced today that
it has commenced a registered offering of $500 million aggregate
principal amount of senior notes due 2023 (the "Notes").
Frontier will use the net proceeds from the sale of the notes to
repurchase or retire its existing indebtedness or for general corporate
purposes.
The joint book-running managers for the offering are Credit Suisse
Securities (USA) LLC and J.P. Morgan Securities Inc. You may obtain a
preliminary prospectus supplement and prospectus by contacting Credit
Suisse Securities (USA) LLC at (800) 221-1037 (toll free).
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 prior to
registration or qualification under the securities laws of any such
jurisdiction. A registration statement relating to the Notes became
effective on May 10, 2012, and the offering is being made by means of a
prospectus supplement.
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) offers voice,
broadband, satellite video, wireless Internet data access, data security
solutions, bundled offerings and specialized bundles for residential
customers, small businesses and home offices, and advanced business
communications for medium and large businesses in 27 states. Frontier's
approximately 15,300 employees are based entirely in the United States.
More information is available at www.frontier.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. These statements are made on the basis of
management's views and assumptions regarding future events and business
performance. Words such as "believe," "anticipate," "expect" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements (including oral representations) involve
risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. These risks and uncertainties
are based on a number of factors, including but not limited to: the risk
that the growth opportunities from the Transaction may not be fully
realized or may take longer to realize than expected; the effects of
greater than anticipated competition requiring new pricing, marketing
strategies or new product or service offerings and the risk that we will
not respond on a timely or profitable basis; reductions in the number of
our access lines that cannot be offset by increases in broadband
subscribers and sales of other products and services; the effects of
competition from cable, wireless and other wireline carriers; our
ability to maintain relationships with customers, employees or
suppliers; the effects of ongoing changes in the regulation of the
communications industry as a result of federal and state legislation and
regulation, or changes in the enforcement or interpretation of such
legislation and regulation; the effects of any unfavorable outcome with
respect to any current or future legal, governmental or regulatory
proceedings, audits or disputes; the effects of changes in the
availability of federal and state universal funding to us and our
competitors; our ability to adjust successfully to changes in the
communications industry and to implement strategies for growth;
continued reductions in switched access revenues as a result of
regulation, competition or technology substitutions; our ability to
effectively manage service quality in our territories and meet mandated
service quality metrics; our ability to successfully introduce new
product offerings, including our ability to offer bundled service
packages on terms that are both profitable to us and attractive to
customers; changes in accounting policies or practices adopted
voluntarily or as required by generally accepted accounting principles
or regulations; our ability to effectively manage our operations,
operating expenses and capital expenditures, and to repay, reduce or
refinance our debt; the effects of changes in both general and local
economic conditions on the markets that we serve, which can affect
demand for our products and services, customer purchasing decisions,
collectability of revenues and required levels of capital expenditures
related to new construction of residences and businesses; the effects of
technological changes and competition on our capital expenditures and
product and service offerings, including the lack of assurance that our
network improvements will be sufficient to meet or exceed the
capabilities and quality of competing networks; the effects of increased
medical, pension and postemployment expenses and related funding
requirements; changes in income tax rates, tax laws, regulations or
rulings, or federal or state tax assessments; the effects of state
regulatory cash management practices that could limit our ability to
transfer cash among our subsidiaries or dividend funds up to the parent
company; our ability to successfully renegotiate union contracts in 2012
and thereafter; changes in pension plan assumptions and/or the value of
our pension plan assets, which could require us to make increased
contributions to the pension plan in 2013 and beyond; the effects of
customer bankruptcies and home foreclosures, which could result in
difficulty in collection of revenues and loss of customers; adverse
changes in the credit markets or in the ratings given to our debt
securities by nationally accredited ratings organizations, which could
limit or restrict the availability, or increase the cost, of financing;
our ability to pay dividends on our common shares, which may be affected
by our cash flow from operations, amount of capital expenditures, debt
service requirements, cash paid for income taxes and liquidity; and the
effects of severe weather events such as hurricanes, tornadoes, ice
storms or other natural or man-made disasters. These and other
uncertainties related to our business are described in greater detail in
our filings with the Securities and Exchange Commission, including our
reports on Forms 10-K and 10-Q, and the foregoing information should be
read in conjunction with these filings. We do not intend to update or
revise these forward-looking statements to reflect the occurrence of
future events or circumstances.
INVESTORS:
Frontier Communications
Gregory Lundberg,
203-614-5044
Vice President, Investor Relations & Assistant
Treasurer
greg.lundberg@ftr.com
or
MEDIA:
AVP
Corp. Communications
Brigid Smith, 203-614-5042
brigid.smith@ftr.com
Source: Frontier Communications Corporation