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Frontier gets $350 million delayed-draw loan, $750 million revolver
By Angela McDaniels
Tacoma, Wash., June 2 - Frontier Communications Corp. has entered into a new $350 million delayed-draw senior term loan and a new $750 million revolving credit facility, according to a company news release.
The company plans to draw the term loan when it closes its acquisition of AT&T Inc.'s wireline business, statewide fiber network and U-verse video and satellite TV customers in Connecticut, which is expected to occur in the fourth quarter of 2014.
The proceeds of the term loan will be used to partially finance the acquisition.
"As we've previously indicated, we expect to be in the public markets in the second or third quarter of 2014 for the remainder of the acquisition's permanent financing in substitution of the previously committed bridge loan financing," John Gianukakis, Frontier vice president and treasurer, said in the news release.
The revolver will mature May 31, 2018. It replaces the company's existing revolver, which was scheduled to mature Nov. 3, 2016.
CoBank, ACB is the administrative agent, the lead arranger and a lender for the term loan. JPMorgan Chase Bank, NA is the administrative agent for the revolver.
Frontier is a telecommunications company based in Stamford, Conn.
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