Frontier Communications sets $1.5 billion term B at Libor plus 375 bps

By Sara Rosenberg

New York, June 2 – Frontier Communications Corp. wrapped its $1.5 billion seven-year term loan B (B1/BB/BB+) at pricing of Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to an 8-K filed with the Securities and Exchange Commission on Friday.

As before, the term loan has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

J.P. Morgan Securities LLC is leading the deal that allocated on Thursday.

Proceeds will be used to refinance existing debt.

Frontier is a Norwalk, Conn.-based provider of communications services to urban, suburban and rural communities.

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