Frontier Announces Amendment to its Revolving Credit Facility
2024年5月23日 - 8:30PM
ビジネスワイヤ(英語)
Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”
or the “Company”) today announced the execution of an amendment to
its revolving credit facility. The amendment increases the amount
of new securitization debt the company may issue and requires that
a portion of the proceeds be used to refinance first lien debt.
“This amendment allows us more flexibility to use
securitizations to fund our fiber build and to refinance more
expensive debt, while also providing important protections for our
first lien debtholders,” said Scott Beasley, Chief Financial
Officer of Frontier.
Frontier is the largest pure-play fiber internet provider in the
country and issued its first fiber securitization notes in August
2023 as part of a $2.1 billion financing backed by fiber assets and
associated customer contracts in the Dallas metropolitan area.
“Securitization is an attractive investment-grade financing tool
that offers investors returns backed by the recurring cash flows of
our fiber assets. This amendment will allow for additional
securitizations alongside more traditional bank and bond
financings, while working to ensure first lien holders are not
disadvantaged,” added Beasley.
Under the terms of the amended revolving credit facility,
Frontier increased its combined cap on certain first lien debt,
securitization and receivables facilities, and non-loan party debt
from $2.5 billion to $5.5 billion.
Additionally, the following protections were established for
secured creditors:
- For securitization and receivables facilities in excess of
approximately $2.1 billion and up to $4.0 billion, Frontier will
use 40% of securitization issuance to retire first lien debt.
- For those in excess of $4.0 billion and up to the new $5.5
billion cap, Frontier will use 100% of securitization issuance to
retire first lien debt.
- Securitization and receivable facilities are limited to
Frontier’s assets in Texas and Florida, two of the company’s larger
fiber markets.
About Frontier
Frontier (NASDAQ: FYBR) is the largest pure-play fiber provider
in the U.S. Driven by our purpose, Building Gigabit America®, we
deliver blazing-fast broadband connectivity that unlocks the
potential of millions of consumers and businesses. For more
information about Frontier, visit us at www.frontier.com. Investors
can learn more at investor.frontier.com.
Forward-Looking Statements
This release contains “forward-looking statements” related to
future events. Forward-looking statements address the Company’s
expectations or beliefs concerning future events, including the
Company’s financing plans, the position of existing debt holders,
the Company’s continued fiber build, the Company’s future operating
and financial performance, the credit rating of future debt,
investor returns and other matters. These statements are made based
on management’s views and assumptions as of the date of this
release, regarding future events and performance. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. A wide range of factors could materially affect
future developments and performance, including but not limited to:
our significant indebtedness, our ability to incur substantially
more debt in the future and covenants in the agreements governing
our current indebtedness that may reduce our operating and
financial flexibility; economic uncertainty, volatility in
financial markets and rising interest rates could limit our ability
to access capital or increase the cost of capital needed to fund
business operations, including our fiber expansion plans; our
ability to successfully implement strategic initiatives, including
our fiber buildout and other initiatives to enhance revenue and
realize productivity improvements; and certain other factors set
forth in our other filings with the SEC. This list of factors that
may affect future performance and the accuracy of forward-looking
statements is illustrative and is not intended to be exhaustive.
You should consider these important factors, as well as the risks
and other factors contained in the Company’s filings with the
Securities and Exchange Commission, including the Company’s most
recent Annual Report on Form 10-K and subsequent SEC filings. The
Company does not intend, nor does it undertake any duty, to update
any forward-looking statements, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240523748585/en/
Investor Contact Spencer Kurn SVP, Investor Relations +1
401-225-0475 spencer.kurn@ftr.com Media Contact Chrissy
Murray VP, Corporate Communications +1 504-952-4225
chrissy.murray@ftr.com
Frontier Communications ... (NASDAQ:FYBR)
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Frontier Communications ... (NASDAQ:FYBR)
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から 6 2023 まで 6 2024