Frontier Communications prices USD 1.6bn second lien secured notes offering

Frontier Communications Corporation (NASDAQ:FTR) has announced that it has priced its previously announced private offering of USD 1.6 billion aggregate principal amount of Second Lien Secured Notes due 2026 (the “Notes”), the company said.

The Notes will bear interest at 8.500% per year. The Notes will be sold at a price equal to 100% of the principal thereof. The settlement of the Notes is expected to occur on or about March 19, 2018, subject to customary closing conditions.

Frontier intends to use the proceeds from the offering to finance the cash consideration payable in connection with its previously announced offers to purchase for cash certain of its senior notes maturing in 2020, 2021, 2022 and 2023 and to pay related fees and expenses.

Frontier Communications is a provider of 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.