Frontier Communications Parent Inc FYBR said an indirect subsidiary of the company intends to offer approximately $1.05 billion of secured fiber network revenue term notes.
The bond deal can potentially upsize, subject to market conditions and other factors.
The notes will be secured by certain of Frontier's fiber assets and associated customer contracts in the Dallas metropolitan area.
The issue constitutes the first offering of green bonds by a Frontier subsidiary.
Frontier intends to use the net proceeds of the offering to pay existing debt and for general corporate purposes.
Frontier filed for bankruptcy in April 2020 and planned to reduce more than $10 billion of its $17 billion debt by handing ownership to bondholders, reported Bloomberg. The report added that the company returned to the market with a $1 billion junk bond offering in 2021.
Price Action: FYBR shares are trading higher by 2.36% at $15.64 in premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
