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Frontier completes fiber securitization transaction. The transaction unlocks access to new capital to fully fund its fiber build. #pressrelease
August 9, 2023
NORWALK, Conn. – Frontier Communications Parent, Inc. (NASDAQ: FYBR) ("Frontier" or the "Company") today announced the closing of its previously announced fiber securitization notes offering as part of a $2.1 billion financing. The transaction unlocks access to new capital to fully fund its fiber build and provides the company with flexibility for future refinancing.
Frontier is the largest pure-play fiber provider in the country and the first publicly traded company in the U.S. to secure funds backed by fiber-to-the-home assets.
For this transaction, the company created a wholly owned, newly formed, bankruptcy-remote special purpose vehicle to hold Frontier's fiber assets and associated customer contracts in the Dallas metropolitan area and receive all payments from existing and future residential and business customers. The Notes are the first offering of green bonds by a Frontier subsidiary. Certain of Frontier's operating subsidiaries will be engaged on an arms' length basis as manager to continue operating the securitized network and serving its customers.
Read the full press release here.
Frontier Communications
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