Frontier Communications Parent, Inc. - FYBR STOCK NEWS

Frontier Communications (NASDAQ: FYBR) has completed a $750 million securitization of its fiber assets and refinanced its term loan. The securitization consists of three classes of term notes, with a weighted average yield of 7.4%, secured by fiber assets and customer contracts in North Texas. The proceeds will fund Frontier's fiber strategy and help refinance higher-cost debt.

The company has also amended its senior secured term loan facility, extending the maturity of $1.025 billion in commitments to 2031 and lowering the interest margin. This financial maneuver is expected to reduce interest costs by over $21.4 million through the original maturity date. The transactions underscore the attractiveness of fiber as digital infrastructure and Frontier's ability to access investment-grade capital efficiently.

Edelson Lechtzin LLP is probing data privacy violation claims against Frontier Communications Parent (FYBR).

On April 14, 2024, Frontier detected suspicious activity, suggesting a potential data breach. The investigation aims to determine the extent of personal data compromised. Customers affected by this breach are urged to join the legal action.

This inquiry could have significant financial and reputational impacts on Frontier, affecting investor confidence and stock performance.

Frontier Communications announced a $750 million fiber securitization offering by a -purpose subsidiary. The offering includes $530 million 6.3% Series 2024-1 Class A-2 term notes, $73 million 7.1% Series 2024-1 Class B term notes, and $147 million 11.4% Series 2024-1 Class C term notes, with a weighted average yield of 7.4% and an anticipated repayment date in May 2031. The notes will be secured by certain Frontier fiber assets in North Texas and will qualify as green bonds. The proceeds intend to repay existing debt, fund general corporate purposes, and support Frontier's fiber expansion and copper migration strategies. The offering is expected to close around July 1, 2024, subject to closing conditions.

Frontier Communications has announced a $750 million offering of secured fiber network revenue term notes. The notes, due for repayment in May 2031, are secured by the company's fiber assets in North Texas. The proceeds will be used to repay existing debt and for general corporate purposes, including investments and capital expenditures aligning with Frontier's fiber expansion and copper migration strategies. The notes qualify as green bonds and are offered to qualified institutional buyers and certain accredited investors under specific regulatory exemptions.

Frontier Communications (NASDAQ: FYBR) has amended its revolving credit facility to increase the amount of new securitization debt the company can issue. The amendment requires a portion of the proceeds to refinance first lien debt, providing flexibility to fund its fiber build and refinance expensive debt. Frontier, the largest pure-play fiber internet provider, initially issued $2.1 billion in fiber securitization notes in August 2023. The new terms allow for additional securitizations alongside traditional financings, while protecting first lien holders. The cap on first lien debt, securitization, and other facilities has been raised from $2.5 billion to $5.5 billion. Protections for secured creditors include using 40% of securitization issuance to retire first lien debt for amounts between $2.1 billion and $4.0 billion, and 100% for amounts up to $5.5 billion. The facilities are to assets in Texas and Florida.

Frontier Communications (NASDAQ: FYBR) announced that its CFO, Scott Beasley, will present at the TD Cowen Annual Technology, Media & Telecom Conference. The presentation is scheduled for May 29, 2024, at 11:25 a.m. ET. A live audio webcast will be accessible on Frontier's Investor Relations website.

Frontier Communications (NASDAQ: FYBR) has announced that its Executive Chairman, John Stratton, will present at the J.P. Morgan Global Technology, Media and Communications Conference.

The event is scheduled for May 20, 2024, at 1:50 p.m. ET.

A live audio webcast of the presentation will be available on Frontier's Investor Relations website.

Frontier (NASDAQ: FYBR) published its 2023 sustainability report, showcasing progress in becoming a more sustainable fiber internet company. The report highlights achieving sustainability goals, connecting more people to the digital economy, advancing inclusion, promoting environmental responsibility, and issuing green bonds to drive energy efficiencies. Frontier also improved customer satisfaction, strengthened communities through donations, promoted workplace inclusivity, and shared baseline greenhouse gas emissions data for future improvements.

Frontier Communications Parent, Inc. (NASDAQ: FYBR) reported first-quarter 2024 results, showing year-over-year revenue growth for the first time since 2015 and accelerated Adjusted EBITDA growth. The company achieved a 24% increase in fiber broadband revenue, adding 322,000 fiber passings and 88,000 fiber broadband customers. Operating income was $90 million with net income of $1 million. Adjusted EBITDA reached $547 million, a 5.4% increase year-over-year. The company generated $335 million in net cash from operations and had total cash capital investment of $1.0 billion. Consumer revenue increased 3.4% year-over-year to $787 million, with fiber revenue up by 12.7% to $505 million. Business and Wholesale revenue was stable at $659 million, with fiber revenue up by 6.8% to $300 million. Frontier reaffirmed its operational and financial expectations for 2024, including Adjusted EBITDA of $2.20 - $2.25 billion and cash capital investment of $3.00 - $3.20 billion.