Frontier to use new notes to repay prepetition loan, notes

By Cady Vishniac

Detroit, Nov. 19 – Frontier Communications Corp. intends to use the proceeds from a new issue of $1.8 billion of first-lien secured notes due 2028 and $1 billion of second-lien secured notes due 2029 to repay all its outstanding borrowings under a prepetition term loan B-1 facility due 2024 and repurchase all its existing prepetition 8˝% second-lien secured notes due 2026, according to a company press release.

As previously reported, the company’s plan of reorganization was approved by the U.S. Bankruptcy Court for the Southern District of New York Aug. 21, its Chapter 11 restructuring was approved Oct. 16 and a $500 million add-on DIP-to-exit term loan was launched Oct. 13. The company expects to emerge from bankruptcy in early 2021.

Frontier Communications is a Norwalk, Conn.-based telecommunications company. The company filed bankruptcy on April 14, 2020 under Chapter 11 case number 20-22476.

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