Frontier Communications DIP-to-exit financing, including $2.55 billion in notes
Davis Polk advised the representatives of the several initial purchasers in connection with the Rule 144A/Regulation S offering by Frontier Communications Corporation of $1.55 billion aggregate principal amount of 5.000% first-lien secured notes due 2028 and $1 billion aggregate principal amount of 6.750% second-lien secured notes due 2029, and the administrative agent in connection with the $750 million incremental term loan credit facility and the administrative agent in connection with the second amendment to Frontier’s existing revolving credit facility.
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 Jennifer Ying Lan 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, Samuel Wagreich and Jinhe Hu provided restructuring advice. All members of the Davis Polk team are based in the New York office.