Goldman Sachs Bank, Deutsche Bank, Barclays Bank, Morgan Stanley Senior Funding and Credit Suisse provided a $460 million debtor-in-possession facility to Frontier Communications, according to an 8K filed with the SEC.
Frontier Communications entered into a $315 million term loan credit agreement with a lender group led by CoBank as administrative agent.
Moody’s Investors Service assigned a Ba2 rating to Frontier Communications’ senior secured term loan A. The proceeds of this loan will be used to purchase certain assets from Verizon Communications.
Frontier Communications entered into a new $1.5 billion term loan facility to support its acquisition of Verizon Communications’ wireless operations in California, Florida and Texas. JPMorgan Chase was administrative agent for the lender group.
Frontier Communications will acquire Verizon’s wireline operations that provide services to residential, commercial and wholesale customers for $10.54 billion in cash. JPMorgan served as lead arranger on the acquisition financing.