Frontier Communications Corporation (NASDAQ: FTR) today announced the commencement of cash tender offers (the "Offers") to purchase up to $674.8 million aggregate principal amount of senior notes, consisting of any and all of its outstanding 6.625% Senior Notes due 2015 (the "March 2015 Notes") and any and all of its outstanding 7.875% Senior Notes due 2015 (the "April 2015 Notes" and together with the March 2015 Notes, the "Notes") on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (as it may be amended or supplemented from time to time, the "Offer to Purchase"), and the related Letter of Transmittal (as it may be amended or supplemented from time to time, the “Letter of Transmittal”). The Offers are scheduled to expire at 9:00 a.m., New York City Time, on April 24, 2013, unless extended or terminated (such time and date, as the same may be extended, the "Expiration Date"), and are expected to be funded with the net proceeds of a concurrent debt offering of $500 million together with cash on hand.
Information relating to the Notes subject to the Offers is set forth in the table below.
|Title of Notes||CUSIP Number||Outstanding Principal Amount||Early Tender Premium(1)||Total Consideration (1)(2)|
|6.625% Senior Notes due 2015||17453BAT8||$300,000,000||$30.00||$1,112.37|
|7.875% Senior Notes due 2015||35906AAC2 35906AAD0||$374,803,000||$30.00||$1,141.91|
|(1)||Per $1,000 principal amount of Notes validly tendered (and not validly withdrawn) at or prior to the applicable Early Tender Deadline (as defined below) and accepted for purchase.|
|(2)||Includes the applicable Early Tender Premium (as defined below).|
Holders who validly tender (and do not validly withdraw) March 2015 Notes at or prior to 5:00 p.m., New York City time, on April 9, 2013, unless extended (the "March 2015 Notes Early Tender Deadline"), will be eligible to receive the "March 2015 Notes Total Consideration," which for each $1,000 principal amount of March 2015 Notes validly tendered is equal to $1,112.37, including an early tender premium (the “March 2015 Notes Early Tender Premium”) of $30.00 per $1,000 principal amount of March 2015 Notes. Holders who validly tender (and do not validly withdraw) March 2015 Notes after the March 2015 Notes Early Tender Deadline and prior to the Expiration Date will not be eligible to receive the March 2015 Notes Early Tender Premium, and instead will be eligible to receive only the "March 2015 Notes Offer Consideration," which for each $1,000 principal amount of March 2015 Notes is equal to the March 2015 Notes Total Consideration less the March 2015 Notes Early Tender Premium.
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