Frontier Communications (FTR -1.4%) continues to trade near multi-decade lows after announcing...

Frontier Communications (FTR -1.4%) continues to trade near multi-decade lows after announcing it will refinance $500M worth of debt by swapping $500M worth of senior notes due in 2014 and 2015 at respective yields of 8.25% and 7.875% with senior notes due in 2021 (no yield is given). As of March 31, Frontier, which sports a market cap of $3.2B, had $8.3B worth of long-term debt on its balance sheet.