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Frontier Communications launches $240 million incremental term loan B
By Sara Rosenberg
New York, June 25 – Frontier Communications Corp. launched on Monday a $240 million incremental senior secured term loan B due June 2024, according to an 8-K filed with the Securities and Exchange Commission.
Pricing on the term loan B is Libor plus 375 basis points.
Proceeds will be used to repay a term loan due 2019.
The company is also seeking an amendment to its credit facilities with JPMorgan Chase Bank and CoBank ACB to replace certain operating subsidiary pledges with pledges of direct subsidiaries of Frontier and to strengthen the lenders’ security package.
Lenders are being offered a 5 bps consent fee.
Total debt is 4.8 times and total net debt is 4.7 times.
Commitments and consents are due on Friday.
Frontier is a Norwalk, Conn.-based provider of communications services to urban, suburban and rural communities.
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