NORWALK, Conn.--(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190312005454/en/
INVESTORS:
Luke Szymczak
203-614-5044
Vice
President, Investor Relations
luke.szymczak@ftr.com
MEDIA:
Brigid Smith
203-614-5042
AVP, Corporate
Communications
brigid.smith@ftr.com
Source: Frontier Communications Corporation