Frontier boosts cash tender for notes

|About: Frontier Communications Co... (FTR)|By:, SA News Editor

Frontier Communications (FTR -4.5%) has gathered early tender results on a cash offering for notes and upsized the deal, raising its maximum consideration payable to $1.15B from $800M.

Of its top-priority 8.875% senior notes due 2020, some $656.5M was validly tendered, with $1,062.50 total consideration for each $1,000 in principal. Of its second priority, 8.5% senior notes due 2020, some $704.7M was validly tendered (with $1,060 in consideration).

All of the tendered top-priority notes are expected to be accepted; of the second-priority notes, some $426.87M of the $704.7M tendered is expected to be accepted.

Subscribe for full text news in your inbox