Frontier Communications Corp (NASDAQ:FTR) has announced that it has started tender offers to exchange some of its senior notes for cash. The company will buy all senior notes amounting to $800 million. The purchase is subject to Acceptance Sublimits and Acceptance Priority Levels.
The company intends to use the tender offers to address maturities as well as reduce its interest expenses. The company will use borrowings under a renegotiated loan B facility to fund the offers.
In other news, Frontier Communications Corporation has been recognized by Mitel Networks Corp (NASDAQ:MITL) as one of its leading partners in the U.S in 2016. Mitel Networks Corp is a global leading enterprise communication service provider. Frontier Communications Corporation has been holding this distinction for the last six years. Additionally, Frontier was awarded the Top U.S. Service Provider award.
Frontier has been an authorized Mitel partner for 27 years and has been engaged in offering Mitel to customers in markets spread out over 29 states. Frontier was also awarded Specialist status in Mitel’s strategic areas including hospitality, contact centers and cloud communications.
Frontier specializes in installation of Mitel customer solutions for private and public universities municipalities, hospitals and medium sized business throughout the U.S.
In a statement, Frontier Executive Vice President of Commercial Sales Ken Arndt said they are committed to driving growth of the cloud sector as well as continued execution of the company strategy. He added that this strategy has enabled the company to double its earnings year over year. Arndt added that they will be working to build on this success to tap into the increasing demand as well as an expanding market.
Mitel Executive Vice President of Global Sales, Todd Abbott said Frontier is a reliable partner in delivering strong growth to the company’s portfolio especially in cloud. He added that Frontier particularly offered high levels of operational excellence plus deep technical proficiency. Abbott added that Frontier will remain a reliable partner as several businesses to embrace cloud to collaborate and communicate more effectively.
Frontier closed the Monday session with a +3.66% or +$0.04 to close the day at $1.27