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Frontier Communications to pay down loans, partially extend revolver
By Sarah Lizee
Olympia, Wash., March 12 – Frontier Communications Corp. plans to repay all outstanding debt under its senior secured term loan A facility due in March 2021 and its credit agreement with CoBank ACB due in October 2021 using proceeds from a new offering of notes, according to a press release.
The company announced Tuesday that it intends to offer $1.65 billion of first-lien secured notes due 2027 in a private transaction.
Frontier said it also expects to amend its credit agreement with JPMorgan Chase Bank, NA to, among other things, extend the maturity date of at least $835 million of its $850 million revolving credit facility to February 2024 from February 2022. The maturity date of any revolver commitment not extended will remain February 2022.
Frontier is a Norwalk, Conn.-based provider of communications services to urban, suburban and rural communities.
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