STAMFORD, Conn.--(BUSINESS WIRE)--
Frontier Communications Corporation (NASDAQ:FTR) announced today that it
has priced its previously announced registered offerings of $750 million
of common stock, par value $0.25 per share, at a public offering price
of $5.00 per share, and $1.750 billion of 11.125% Mandatory Convertible
Preferred Stock, Series A, par value $0.01 per share (the “Mandatory
Convertible Preferred Stock”), at a public offering price of $100.00 per
share. Pursuant to the offerings, Frontier has granted the underwriters
a 30-day option to purchase from Frontier up to an additional 15,000,000
shares of common stock and up to an additional 1,750,000 shares of
Mandatory Convertible Preferred Stock, in each case at the public
offering price per share. The offerings are expected to close on or
about June 10, 2015, subject to customary closing conditions.
Frontier intends to use the proceeds from the offerings to finance a
portion of the cash consideration payable in connection with Frontier’s
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 in the first
half of 2016. The closings of these offerings are not conditioned on
each other or on the closing of the acquisition.
The joint book-running managers for the offerings are J.P. Morgan
Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. and
the co-managers for the offerings are Barclays Capital Inc., Credit
Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Mizuho
Securities, Deutsche Bank Securities Inc., Goldman, Sachs & Co. and UBS
Securities LLC. You may obtain a final prospectus supplement for either
offering by contacting J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717,
at (866) 803-9204 (toll free), BofA Merrill Lynch at 222 Broadway, New
York, NY 10038, Attention: Prospectus Department, or email: dg.prospectus_requests@baml.com
or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
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 shelf registration statement relating to the common
stock and preferred stock became effective on April 20, 2015, and the
offering is being made by means of a separate prospectus supplement for
each offering.
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 17,800 employees are based entirely
in the United States.
Forward-Looking Statements
This press release 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” and
similar expressions. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. For us, particular
uncertainties that could cause our actual results to be materially
different than those expressed in our forward-looking statements
include: risks related to our ability to consummate the financings on
the terms described in this press release or at all; risks related to
our pending acquisition of properties from Verizon, including our
ability to complete the acquisition of such operations; and the other
factors that are described in our filings with the U.S. Securities and
Exchange Commission, including the registration statement, the
prospectus supplements relating to the offerings of common stock and
preferred stock and 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/20150604006552/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