US local exchange carrier Frontier Communications sold US$600m of senior unsecured notes yesterday.
The notes, due 2023, carry a coupon of 7.125% and priced at par.
Frontier expanded its offering from the previously announced figure of US$500m.
Credit…
US local exchange carrier Frontier Communications sold US$600m of senior unsecured notes yesterday.
The notes, due 2023, carry a coupon of 7.125% and priced at par.
Frontier expanded its offering from the previously announced figure of US$500m.
Credit Suisse and JP Morgan were the joint book running managers on the sale with Barclays, Citigroup, Deutsche Bank, Morgan Stanley and RBS co-managers.
Frontier said that net proceeds would be used to repay existing debt, in particular US$522.7m outstanding on senior notes due mid-January 2013 which carry a coupon of 6.250%.
Frontier has debts of roughly US$8.3bn, the bulk of which is in senior notes, which it is in the process of pushing out the maturities on.
The telco offers voice, broadband, satellite video, wireless Internet data access and data security solutions.
