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Frontier Communications retires $313.6 million total of debt in first six months
By Jennifer Chiou
New York, Aug. 4 - Frontier Communications Corp. retired $313.6 million total of its debt during the first six months of 2009, including a draw of $135 million under a senior unsecured term loan to repurchase and retire $128.7 million of its 9¼% senior notes due 2011, according to a 10-Q filing with the Securities and Exchange Commission.
As previously noted, the company paid a premium of $6.3 million to repurchase that portion of 9¼% notes.
On April 9, the company completed a registered offering of $600 million of 8¼% senior unsecured notes due 2014, using $308 million of the net proceeds to repurchase $311.7 million of debt, consisting of $255.7 million of the 9¼% notes, $40 million of its 7 7/8% senior notes due Jan. 15, 2027 and $16 million of its 7 1/8% senior notes due March 15, 2019.
Of the $313.6 million total of retired debt, $313.1 million was senior unsecured debt as well as $500,000 of rural utilities service loan contracts.
During that period, in addition to the senior notes, the company retired $1.6 million of other senior unsecured debt as well as $100,000 of 5% company obligated mandatorily redeemable convertible preferred securities that were converted to stock.
From time to time, Frontier said it may repurchase debt in the open market.
Frontier is a Stamford, Conn.-based communications company.
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