NORWALK, Conn.--(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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Frontier Communications Corporation
Investor:
Luke
Szymczak, (203) 614-5044
VP, Investor Relations
luke.szymczak@ftr.com
or
Media:
Brigid
Smith, (203) 614-5042
AVP, Corporate Communications
brigid.smith@ftr.com
Source: Frontier Communications Corporation