NORWALK, Conn.--(BUSINESS WIRE)--
Frontier Communications Corporation (NASDAQ:FTR) announced today that it
has priced its previously announced private offering of $6.6 billion
aggregate principal amount of unsecured Senior Notes, as follows: $1
billion of 8.875% Senior Notes due 2020; $2 billion of 10.500% Senior
Notes due 2022; and $3.6 billion of 11.000% Senior Notes due 2025. Each
will be issued at a price equal to 100% of its principal amount.
Frontier intends to use the proceeds from the offering to finance a
portion of the cash consideration payable in connection with its
previously announced acquisition of the wireline properties of Verizon
Communications Inc. in California, Florida and Texas and to pay related
fees and expenses. The acquisition is expected to close by the end of
the first quarter of 2016. The net proceeds of the offering will be
deposited in an escrow account to partially fund the acquisition or, if
the acquisition is terminated or otherwise not consummated on or before
August 6, 2016, to redeem the Notes at par plus accrued interest.
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 Senior 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 Senior 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) offers broadband,
voice, video, wireless Internet data access, data security solutions and
bundled offerings for residential customers, small businesses and home
offices, and advanced communications for medium and large businesses in
28 states. Frontier’s approximately 18,200 employees are based entirely
in the United States.
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: Frontier’s ability to complete the acquisition of Verizon’s
California, Florida and Texas wireline operations, including the ability
to complete the financing of the acquisition; the ability to
successfully integrate the acquired operations into Frontier’s existing
operations; the sufficiency of the assets to be acquired from Verizon to
enable the combined company to operate the acquired business; the
ability to enter into or obtain, or delays in entering into or
obtaining, certain agreements and consents necessary to operate the
acquired business as planned; the ability to obtain, delays in obtaining
or adverse conditions contained in any required regulatory approvals for
the Verizon transaction; 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150911005904/en/
Frontier Communications Corporation
INVESTORS:
John
Gianukakis, 203-614-5708
Vice President and Treasurer
john.gianukakis@ftr.com
or
Luke
Szymczak, 203-614-5044
Vice President, Investor Relations
luke.szymczak@ftr.com
or
MEDIA:
Brigid
Smith, 203-614-5042
AVP, Corporate Communications
brigid.smith@ftr.com
Source: Frontier Communications Corporation