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Rural telecommunications provider Frontier Communications Corp. reports it is offering $450 million worth of its senior unsecured notes due in 2018 to help it buy outstanding notes that are due in the next few years.
Stamford, Conn.-based Frontier (NYSE: FTR) will combine the net proceeds of the offering with cash on hand to buy up to $700 million worth of its outstanding 9.25 percent senior notes due in 2011 and its 6.25 percent senior notes due in 2013.
In April, Frontier priced a registered offering of $600 million worth of senior unsecured notes due in 2014 at 8.25 percent, and received approximately $538 million in net proceeds from the offering, after deducting underwriting discounts and estimated offering expenses.
In May, Frontier agreed to acquire approximately 4.8 million access lines in 14 states across the country from Verizon Communications Inc. in an all-stock deal valued at $8.6 billion. The transaction created the largest pure rural communications services provider and the nation’s fifth largest incumbent local exchange carrier (ILEC), according to a statement from the companies.
Frontier was created in 2007 through the $1.29 billion merger of Stamford-based rural telecommunications provider Citizens Communications Co. and Pennsylvania-based Commonwealth Telephone Enterprises Inc. The company covers more than 23 states and offers telephone, television and Internet services, as well as wireless data, bundled offerings, ESPN360 streaming video, security platforms and specialized bundles for small businesses and home offices.
For 2008, Frontier reported $2.2 billion in revenue, with a net income of $183 million.
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