Frontier Communications Corporation (NASDAQ: FTR) today announced an amendment to the terms of its previously announced cash tender offers to purchase 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”). The Company has added a new tender offer to purchase up to $225.0 million aggregate principal amount (the “Modified Dutch Auction Cap”) of its 8.250% Senior Notes due 2017 (the “2017 Notes” and, together with the March 2015 Notes and the April 2015 Notes, the “Notes”) and upsized the aggregate principal amount of notes to be purchased in such tenders offers to $899.8 million. The tender offers for each series of the Notes are referred to herein as the “Offers”. This press release restates the terms of the Offers in their entirety and supersedes the Company’s previous press release relating to the Offers issued yesterday.
Pursuant to the terms of the Offers, as amended, the Company is seeking to purchase up to $899.8 million aggregate principal amount of senior notes, consisting of any and all of its outstanding March 2015 Notes, any and all of its outstanding April 2015 Notes and an aggregate principal amount up to the Modified Dutch Auction Cap of its 2017 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 $750.0 million together with cash on hand.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV