Frontier Announces $1.6 Billion Fiber Securitization Offering and $500 Million Variable Funding Notes Commitment
- The pricing of secured fiber network revenue term notes indicates a strong financial position and strategic investment in fiber expansion and research and development, aligning with industry trends and market demand.
- None.
In connection with the offering of the Notes, the Issuer entered into a commitment for a
Frontier intends to use the net proceeds of the offering to, among other things, defease certain existing indebtedness and for general corporate purposes, including potential investments or expenditures, such as capital expenditures and research and development, in line with Frontier’s fiber expansion and copper migration strategies.
The Company expects the Notes transaction to close on or around August 8, 2023, subject to satisfaction of various closing conditions. There can be no assurance regarding the timing of closing or that the sale of the Notes will be completed.
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. Any offers of the Notes will be made only by means of a private offering memorandum.
About Frontier
Frontier is leading the “un-cable” revolution. Driven by our purpose, Building Gigabit America™, we are relentless in our pursuit of always delivering a better customer experience. Providing digital infrastructure that empowers people to create the future, we’re connecting millions of consumers and businesses in 25 states with reliable fiber internet and multi-gigabit speeds.
Forward-Looking Statements
This release contains “forward-looking statements” related to future events. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, the expected use of proceeds from the sale of the Notes, the entry into the Variable Funding Notes facility and the terms of such facility and any amounts drawn thereupon, the timing of the closing of the offering and other matters. These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and performance and contain words such as “intends to” or “will be.” 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, uncertainties related to market conditions, changes to the terms and timing of the offering, our ability to satisfy the closing conditions related to the offering, our ability to consummate the Variable Funding Notes facility and other factors set forth in our other filings with the
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Investor Contact
Spencer Kurn
SVP, Investor Relations
+1 401 225 0475
spencer.kurn@ftr.com
Source: Frontier Communications Parent, Inc.
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