Frontier Closes $1.0 Billion of Second Lien Secured Notes

By: Frontier Communications Parent, Inc. via Business Wire

October 13, 2021 at 16:30 PM EDT

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Frontier Communications Holdings, LLC (the “Issuer”), a consolidated subsidiary of Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier” or the “Company”) today announced the closing of its previously announced private offering of $1.0 billion aggregate principal amount of second lien secured notes due 2030 (the “Notes”). The Notes bear interest at 6.000% per year and were issued at a price equal to 100% of the aggregate principal amount.

Frontier intends to use the net proceeds of the offering to fund capital investments and operating costs arising from the Company's fiber build and expansion of its fiber customer base, and for general corporate purposes.

The Notes and the related guarantees were offered and sold only to persons reasonably believed to be “qualified institutional buyers” in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered for sale 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.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the Notes or any other securities, and shall not constitute an offer to sell, solicitation of an offer to buy, or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Frontier Communications

Frontier Communications offers a variety of services to residential and business customers over its fiber-optic and copper networks in 25 states, including high-speed Internet, advanced voice, video, and Frontier Secure^® digital protection solutions. Frontier Business™ offers communications solutions to small, medium, and enterprise businesses.