Frontier Communications Corporation (NASDAQ: FTR) announced today that it has priced an upsized registered offering of $250 million aggregate principal amount of 7.125% senior notes due 2023 (the “Notes”). The size of the offering was increased to $250 million from the previously announced $200 million. The Notes are an additional issuance of and will be fully fungible and form a single series voting together as one class with the $600,000,000 of 7.125% Senior Notes due 2023 issued on August 15, 2012. The Notes will be issued at a price of 104.25% of their principal amount (equating to an effective yield to maturity of 6.55%), plus accrued interest from August 15, 2012.
Frontier will use the net proceeds from the sale of the Notes to repurchase or retire its existing indebtedness or for general corporate purposes.
The joint book-running managers for the offering are Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. You may obtain a final prospectus supplement, when available, and prospectus by contacting Credit Suisse Securities (USA) LLC at (800) 221-1037 (toll free).
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 prior to registration or qualification under the securities laws of any such jurisdiction. A registration statement relating to the Notes became effective on May 10, 2012, and the offering is being made by means of a prospectus supplement.About Frontier Communications Frontier Communications Corporation (NASDAQ: FTR) offers voice, broadband, satellite video, wireless Internet data access, data security solutions, bundled offerings and specialized bundles for residential customers, small businesses and home offices, and advanced business communications for medium and large businesses in 27 states. Frontier's approximately 15,300 employees are based entirely in the United States.
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