Moody’s Assigns Ba2 to Frontier’s New Term Loan
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.
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 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.
According to Bloomberg, U.S. companies are forecast to cross the Atlantic to raise funds in euros at the fastest pace in at least eight years in 2015 as borrowing costs in Europe fall below dollar rates by the most in a decade.
Reuters reported Verizon Communications is in the market to cut borrowing on debt backing Vodafone Group’s $130 billion takeover of Verizon Wireless. JPMorgan, Citigroup, BofA Merrill, Barclays, Morgan Stanley and Wells are said to be leading the refinancing.