Frontier Communications Corporation (NASDAQ:FTR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On July3, 2018, Frontier Communications Corporation (“Frontier” or the “Company”) entered into amendments (the “Amendments”) to (i)its first amended and restated credit agreement, dated as of February27, 2017, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (as amended, the “JPM Credit Agreement”), (ii) its credit agreement, dated as of October12, 2016, with CoBank, ACB, as administrative agent, and the other lenders party thereto (as amended, the “2016 CoBank Credit Agreement”) and (iii)its credit agreement, dated as of June2, 2014, with CoBank, ACB, as administrative agent, and the other lenders party thereto (as amended, the “2014 CoBank Credit Agreement”). Among other things, the Amendmentsreplace certain operating subsidiary equity pledges with pledges of the equity interests of certain direct subsidiaries of Frontier. In accordance with the indenture governing Frontier’s 8.500% Second Lien Secured Notes due 2026 (the “Second Lien Notes”), corresponding changes were made to the collateral package securing the Second Lien Notes.
In addition, the Company entered into Increase Joinder No.2, dated as of July3, 2018, to the JPM Credit Agreement, to which the Company borrowed an incremental $240million under the senior secured term loan B facility maturing in 2024. The Company used the incremental borrowings to repay the 2014 CoBank Credit Agreement in full, repay a portion of the 2016 CoBank Credit Agreement and pay certain fees and expenses related to this incremental borrowing and the repayments of the 2014 and 2016 CoBank Credit Agreements.
The foregoing description of the Amendments is qualified in its entirety by reference to the full text of the Amendments, copies of which are filed with this report as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated by reference herein.
| Item 1.01 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth above in Item 1.01 is incorporated by reference into this Item 1.01.
| Item 1.01 | Financial Statements and Exhibits |
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Exhibit Number |
Description |
| 10.1 | Consent and Amendment No.3, dated as of July3, 2018, to the First Amended and Restated Credit Agreement, dated as of February 27, 2017, as amended, among Frontier Communications Corporation, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto. |
| 10.2 | Third Amendment, dated as of July3, 2018, to the Credit Agreement, dated as of October 12, 2016, as amended, among Frontier Communications Corporation, CoBank, ACB, as administrative agent, and the lenders from time to time party thereto. |
| 10.3 | Sixth Amendment, dated as of July3, 2018, to the Credit Agreement, dated as of June 2, 2014, as amended, among Frontier Communications Corporation, CoBank, ACB, as administrative agent, and the lenders from time to time party thereto. |
FRONTIER COMMUNICATIONS CORP ExhibitEX-10.1 2 d599709dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION VERSION CONSENT AND AMENDMENT NO. 3 TO CREDIT AGREEMENT This is the CONSENT AND AMENDMENT NO. 3 TO THE CREDIT AGREEMENT,…To view the full exhibit click here
About Frontier Communications Corporation (NASDAQ:FTR)
Frontier Communications Corporation (Frontier) offers a range of voice, data, and video services and products. The Company offers a portfolio of communications services for residential and business customers in each of its markets. The Company’s product portfolio includes Internet access, broadband-enabled services, video services and voice services. It offers these services both on a standalone basis and as bundled packages that are designed to simplify customer purchasing decisions. Frontier provides both regulated and unregulated voice, data and video services to residential, business and wholesale customers. It provides data and Internet services; local and long distance wireline voice services to residential and business customers in its service areas; network access to interexchange carriers for origination and termination of long distance voice and data traffic; sales of its own and third-party video services, and sales of customer premise equipment.