Davis Polk advised the representative of the several initial purchasers in connection with the Rule 144A/Regulation S offering by Frontier Communications Corporation of $1.15 billion aggregate principal amount of 5.875% first-lien secured notes due 2027, the administrative agent in connection with the $500 million term loan credit facility and the administrative agent in connection with a $625 million revolving credit facility in connection with DIP-to-exit financing transactions being undertaken in connection with Frontier’s expected emergence from chapter 11.

Operating in 25 states, Frontier is a leading provider of communications services in the United States, including data and internet services, video services, voice services, access services and advanced hardware and network solutions. Frontier offers its services to 3.7 million customers and 3.1 million broadband subscribers.

The Davis Polk capital markets team included partner Marcel Fausten and associates Heita Miki and Joanna Sedlak. The finance team included partner Kenneth J. Steinberg, counsel Benjamin Cheng and associate Adela Troconis. Partner Eli J. Vonnegut and associates Stephen D. Piraino, Gene Goldmintz and Samuel Wagreich provided restructuring advice. 

All members of the Davis Polk team are based in the New York office.