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Frontier commences cash tender offers for senior notes

Frontier Communications Corp. commenced cash tender offers for up to $1.6 billion for certain series of notes.

The company has started tender offers to purchase for cash its 8.875% senior notes due 2020, 6.250% senior notes due 2021, 9.250% senior notes due 2021, 8.500% senior notes due 2020, 8.750% senior notes due 2022, 10.500% senior notes due 2022 and 7.125% senior notes due 2023.

The tender offers are intended to address maturities and reduce the company's current overall interest expense, according to a March 6 news release. The tender offers will be funded by the company from the proceeds of an anticipated debt financing, which the company expects to close by March 20.

Each of the tender offers will expire at 11:59 p.m. ET on April 2, unless extended or earlier terminated by the company. Tendered notes may be validly withdrawn from the applicable tender offer at or before, but not after, 5 p.m. ET on March 19.

The company is also soliciting from holders of the 8.875% notes consents to proposed amendments to the indenture governing the notes, which would eliminate substantially all restrictive covenants, certain events of default and certain other provisions contained in the 8.875% notes indenture.

The company has retained J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC to act as the dealer managers for the tender offers and solicitation agents for the consent solicitation, and Ipreo LLC as the tender agent and information agent for the tender offers and the consent solicitation.