Frontier Communications Corporation (NASDAQ:FTR) has commenced tender offers to purchase for cash certain series of its senior notes up to an amount such that the maximum aggregate consideration paid by the company in the Tender Offers does not exceed USD 800,000,000, the company said.
The Tender Offers are intended to address maturities and reduce the company´s current overall interest expense.
The Tender Offers will be funded by the company from borrowings under a new term loan B facility under its senior credit agreement.
Each of the Tender Offers will expire at 11:59 P.M., New York City time, on July 10, 2017, unless extended (such date and time, as it may be extended, the “Expiration Date”) or earlier terminated by the company in accordance with the terms of the Offer to Purchase. No tenders submitted after the Expiration Date will be valid.
The company has retained J.P. Morgan Securities LLC to act as the Dealer Manager for the Tender Offers and Ipreo LLC as the Tender Agent and Information Agent for the Tender Offers.
Frontier Communications provides communications services to urban, suburban, and rural communities in 29 states. It offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier SecureÂ® digital protection solutions. Frontier Business Edgeâ¢ offers communications solutions to small, medium, and enterprise businesses.